By Robert H. Elliott
Amid predictions of eminent
financial collapse the House of
Representatives listened to the
anger of the public and rejected
the $700 billion bail-out of Wall
Street put forth by the administration
and Democrats.
The bill would have given
unprecedented powers to the
Secretary of the Treasury, given
immunity to Wall Street fraud
and theft and left future generations
to pay for this massive
restructuring of capitalism. The
vote was 228 against and 205
for passage.
Tennessee representatives
who voted for the House bill are
– Jim Cooper, Bart Gordon,
Steve Cohen and John Tanner.
Those who voted no are –
Marsha Blackburn, Zach
Wamp, David Davis, John
Duncan, Jr., and Lincoln Davis.
After the results of the
Monday House vote were
announced the stock market
dropped over 500 points in the
final minute of the trading day
to log the worst one day point
drop in history – 777+ points to
the negative. However, Tuesday
saw a recovery of over 450
points as the stock market vacillated
on waves of uncertainty.
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Federal government steps in to guarantee Money Funds
By Robert H. Elliott
One of the savings instruments
most touted for safety,
money market funds, had to be
rescued behind the bankruptcy
of Lehman Brothers. The
Treasury Department’s
Secretary Paulson issued a
statement saying that the government
would guarantee
money market funds against
any loss in stated value.
Money market funds were
considered as safe as cash
because their stock price is
guaranteed to remain at $1.00.
The funds are supposed to
invest clients money in either
government bonds, AAA rated
commercial paper or municipal
bonds. These investments
are supposed to be very safe
and the funds are only supposed
to have limited exposure
to instruments other than
government paper/bonds.
The funds would then hold
these instruments for a short
period of time, less than a
year, reinvest the money made
back into the clients accounts
(for additional shares or cash
pay-outs) minus the cost of
managing the fund and other
fees associated with the selling
and buying of investments
or redeeming fund shares.
Depending on the fund these
costs may be as low as .026%
of the asset value of the fund.
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17th ‘Hands on Nashville Day’
draws record number of volunteers
Nearly 1,400 local residents
and volunteers made the 17th
annual Hands On Nashville Day
the largest in the event’s history,
donating approximately 6,000
hours of their time to help Metro
Nashville Public Schools.
Middle Tennesseans spent
the morning landscaping, repairing,
painting and cleaning 60
Metro schools as part of the
annual event. This year’s Hands
On Nashville Day was made
possible by presenting sponsor
Grainger, a local distributor of
facilities maintenance supplies.
Hands On Nashville has
organized Hands On Nashville
Day annually for the past 17
years, engaging thousands of
local residents in volunteer service.
Each year this day of service
draws diverse teams, from
corporate and neighborhood
groups to college and community
organizations.
Brian Williams, executive
director of Hands On Nashville,
said this year’s record-breaking
participation shows that Middle
Tennesseans are becoming more
involved in their communities.
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The members of Nashville's
most exclusive club held their
annual luncheon meeting on
September 25. The 90 Plus Club,
which consists of approximately
23 residents of Nashville's public
housing developments who
are over 90 years of age, will
came together at Parthenon
Towers, 301 28th Avenue North,
to celebrate their secrets to long
life.
The first meeting was held in
1975. This year marked the 34th
annual gathering of the 90 Plus
Club, with its oldest member
celebrating 104 years. She
received a monogrammed silver
platter.
All 90 Plus members
received a monogrammed bedside
throw rug with the 90 Plus
logo on it. Five new members
were inducted during the program:
Kanova Hicks, Mary
Leggett, Gertrude Parsley, Lula
Frierson and Willie Brown.
"This is one of our most special
events every year," said Phil
Ryan, executive director of
MDHA. "It's especially meaningful
that we pay tribute to
these residents and the history
that each one brings to our communities."
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The Planning Commission delays vote on Habitat homes
by Robert H. Elliott
In an over-flowing room filled
with passionate believers from
both points of view, the Planning
Commission decided to put off
the vote on allowing up to 34
Habitat for Humanity homes in
one Westside neighborhood called
Park Preserve.
Several community leaders
and citizens spoke to the commission
for almost an hour. Habitat
supporters expressed the need for
lower cost homes in the Nashville
area and the suitability of the area
to assimilate homes in this price
range.
Opposition to the homes
focused on the number of poor
and lower economic resourced
families that will be huddled in
one neighborhood. The picture
was drawn of a future area replete
with murders, crime and lowering
property values.
The Planning Commission
vote to delay the vote was unanimous.
They suggested that both
sides sit down and reach a compromise.
The original Habitat plan
was for up to 450 homes, but it
was revised to 350 low-income
homes on 220 vacant acres in an
area bordered by Ewing Drive
and Whites Creek Pike.
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NASHVILLE — Gov. Phil
Bredesen and First Lady Andrea
Conte, former Sen. Howard
Baker and the University of
Tennessee's Baker Center for
Public Policy, Belmont
University, the Tennessee
Business Roundtable, and the
Freedom Forum First
Amendment Center are hosting a
forum on civil discourse in
American politics as a prelude to
the 2008 Town Hall Presidential
Debate.
Former CNN anchor Bernard
Shaw will moderate the onehour
forum assessing this year's
presidential race, and pose the
key question: “Is Uncivil
Discourse Sabotaging American
Politics and Governance?” The
event, featuring a panel discussion
with nationally known
media and political experts, will
be held Monday, Oct. 6, at 1
p.m. CDT at Belmont's Troutt
Theater, a new 300-seat venue
located on the south edge of
Belmont's campus.
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By Robert H. Elliott
Nearly 1,400 local residents
and volunteers made the 17th
annual Hands On Nashville Day
the largest in the event’s history,
donating approximately 6,000
hours of their time to help Metro
Nashville Public Schools.
The members of Nashville's
most exclusive club held their
annual luncheon meeting on
September 25. The 90 Plus Club,
which consists of approximately
23 residents of Nashville's public
housing developments who
are over 90 years of age, will
came together at Parthenon
Towers, 301 28th Avenue North,
to celebrate their secrets to long
life.