First McCain-Obama debate remains doubtful (AP)

AP – The first presidential debate between Republican John McCain and Democrat Barack Obama remained in doubt Friday, the very day it was to be held, embroiled in the same partisan divisions that were holding up a Wall Street bailout plan.
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A bad day for the GOP on politics, bailout plan (AP)

AP – Even for a party whose president suffers dismal approval ratings, whose legislative wing lost control of Congress and whose presidential nominee trails in the polls, it was a remarkably bad day for Republicans. Read more…

Prospects for nuclear deal uncertain in Congress (AP)

AP – A landmark agreement on civilian nuclear cooperation between India and the U.S. has been a high priority for President Bush and the Indian government, but time is running out as lawmakers wrap up this year’s session to campaign for the November elections.

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Lawmakers to tackle bailout plan again Friday (Reuters)

Reuters – Congressional leaders will try again on Friday to save a $700 billion Wall Street rescue plan after talks broke down in acrimony against the backdrop of the nation’s biggest-ever bank failure.

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Stage is set but will U.S. debate go on? (Reuters)

Reuters – The stage is set, but it was unclear on Friday if Republican John McCain would show up to duel Democrat Barack Obama in the first of three debates that could help decide a tight White House race.

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Advertisers vs. the Free Market

Washington, D.C.–The Association of National Advertisers, a trade association representing 400 companies, has asked the Justice Department to use antitrust law to halt a proposed Google-Yahoo search advertising partnership. The deal, the group claims, will “diminish competition,” increase Google and Yahoo’s “market power,” and “raise prices.”

“This call to prevent Google and Yahoo from collaborating is an attack on the free market,” said Alex Epstein, an analyst at the Ayn Rand Center for Individual Rights. “Google and Yahoo, individually or combined, have no power to force anyone to advertise with them; their only power is the power to continually persuade advertisers that their services are the best use of advertisers’ money.

“If the members of the Association of National Advertisers object to the advertising options offered under a new Google and Yahoo partnership, there is a simple solution: don’t advertise with them. But they have no right to dictate to Google and Yahoo how to run their businesses.”

Mr. Epstein’s op-eds and letters to the editor have appeared in such publications as the Wall Street Journal, San Francisco Chronicle, Philadelphia Inquirer, Canada’s National Post, and the Washington Times. He is also a contributing writer for The Objective Standard, a quarterly journal of culture and politics. Mr. Epstein has been a guest on numerous nationally syndicated radio programs.

Alex Epstein is available for interviews.
Contact: Larry Benson
E-mail: media@aynrandcenter.org
Phone: (949) 222-6550 ext. 213

US Government takes over mortgage giants

AP – The Bush administration’s seizure of troubled mortgage giants Fannie Mae and Freddie Mac is potentially a $200 billion bet that it will help reverse a prolonged housing and credit crisis. Read more…

China and Japan hail U.S. mortgage rescue as doubts linger

Reuters – China and Japan, the biggest buyers of Freddie Mac and Fannie Mae bonds, praised Washington for its rescue of the ailing mortgage giants, but investors had no illusions the bailout would end the global credit market misery.
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Convention off to rocky start amid hurricane

AP – Republicans set aside the agenda to focus on hurricane relief in the opening hours of their national convention, only to see the scaled-back program for Day One overshadowed by jarring disclosures about the family and work life of John McCain’s running mate, Sarah Palin. Read more…

John McCain’s vetter defends Sarah Palin review

AP – Sarah Palin voluntarily told John McCain’s campaign about her pregnant teenage daughter and her husband’s 2-decade-old DUI arrest during questioning as part of the Republican’s vice presidential search.
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