Housing Slump Batters Mortgage Giants Freddie Mac, Fannie Mae
BEAR MARKET: Mortgage-backers Fannie Mae and Freddie Mac suffered a severe blow to their value this week—both stocks are at their lowest prices in 17 years. This pushed Wall Street into a bear market, or falling stock prices expected for an extended period of time.
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Congress Approves President Bush’s Spy Bill, Telecoms Immune
SURVEILLANCE ACT: On Wednesday, the Senate approved the FISA Amendments Act of 2008, rewriting the 1978 Foreign Intelligence Surveillance Act (FISA). The measure replaces a temporary law President Bush enacted after Sept. 11, and provides immunity for telecommunications companies that shared customer phone records with the government.
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Wildfires Burning in California Threaten Central Coast, Big Sur
LIGHTNING & HUMAN: Lightning sparked more than 1,700 wildfires in California over the last two weeks. Of those, 300 are still burning, including the Gap Fire near Goleta and the Basin Complex fire outside of Big Sur—both on the Central Coast.
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