NPR 2008-10-17（在线收听）

Wall Street reversed yesterday's course and today ended trading up more than 400 points. Investors were buoyed by a Labor Department report showing the Consumer Price Index steady in September, and oil prices slid to their lowest level in more than a year, falling below 70 dollars a barrel. But signs of a weak economy persist. The Federal Reserve today reports industrial production fell sharply in September, and banks borrowed record amounts of cash from its emergency lending facility.

On Capitol Hill, the Senate Banking Committee held more hearings on the financial crisis, even though Congress isn't in session. NPR's Debbie Elliott reports.

Former US Comptroller of the Currency Eugene Ludwig testified the financial wildfire was sparked by consumerism taken to the extreme. "Home and hearth became the consumers' ATM machine, as home equity and other consumer loans leveraged the American consumer to the hilt." Ludwig and other witnesses said regulators weren't on top of the problem. Former SEC Chairman Arthur Levitt called for a dramatic rethinking of the nation's financial regulatory architecture. "The biggest since the New Deal." he said. Debbie Elliott, NPR News, the Capitol.

Citigroup today reported its fourth consecutive quarterly loss. The bank said it lost 2.8 billion dollars in the third quarter. Citigroup is writing down bad debt and mortgages valued at more than 51 billion dollars. Not all companies are suffering in this weak economy. Google says today its third quarter profits rose 26 percent, and IBM posted a near 20% quarterly profit.

Alaska Senator Ted Stevens took the witness stand today at his corruption trial. The Senate's longest serving Republican is charged with lying on financial disclosure forms to conceal 250,000 dollars in gifts and services from an oil industry executive. NPR's Nina Totenberg has details.

Stevens immediately faced three rapid-fire questions from defense lawyer Brendan Sullivan. "When you signed those financial disclosure forms, did you believe them to be accurate and truthful?" "Yes, Sir.", replied Stevens in a firm voice. "Did you intentionally file false financial disclosure forms?" "No, I did not." "Did you ever scheme to conceal anything from the Senate?" "No, Sir.", said Stevens. With that denial behind him, Stevens went on to tell the jury about his hardscrabble Depression-era background, his two Distinguished Flying Crosses in World War II, his life in public service, including a leading role in winning statehood for Alaska, and his seven elections to the US Senate. Tomorrow comes the detailed rebuttal of the charges against him and cross examination. Nina Totenberg, NPR News, Washington.

A closer look at Wall Street today, the Dow closed up 401 points at 8979. The NASDAQ Composite was up 89 points at 1717. The S&P closed up 38.

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Illinois authorities are removing wreckage in suburban Chicago where a medical helicopter crashed last night. Chicago Public Radio's Susie An has the story. 

The three-member crew of the Air Angels Helicopter Company was transporting a one-year-old girl to a hospital in Chicago when the accident happened. Authority say the chopper appeared to have clipped a wire on a radio tower before going down. The helicopter crashed in a vacant field just about 50 miles west of its destination. No one aboard survived. Officials from the National Transportation Safety Board are investigating the cause of the crash. This is the 11th medical helicopter crash in 2008, and it's the sixth one involving fatalities. For NPR News, I'm Susie An in Chicago.

A powerful earthquake struck southern Mexico near the Guatemalan border this afternoon. Residents fled shaking homes but officials say there have been no immediate reports of damage or injuries. The quake measured at Magnitude 6.5 and was centered in Mexico's southern Chiapas state.

The Bush administration is trying to round up support for a draft agreement with Iraq that governs the ongoing presence of US troops there. The current UN mandate expires at the end of this year. The draft status of forces agreement needs to be approved by Iraq's parliament, and Secretary of State Condoleezza Rice has been calling on Iraqi politicians to support it. The proposed mandate includes a target withdrawal date of December 31st, 2011, and it gives Iraq some authority to try US personnel accused of committing crimes off-base and off-duty.