Wall St was down 94 overnight, its biggest fall in a month, while the local market is down 66.
Gustav Update: Hurricane bypasses New Orleans, flooding still a concern
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The Washington Post reports that while Hurricane Gustav appears to have passed by New Orleans, there are still concerns about whether the levees will hold up against flooding: “Early indications were that the weakened storm caused less damage than originally feared, and New Orleans appeared to have avoided a disaster on the scale that Hurricane Katrina delivered three years ago.” Read the full story here. The hurricane has been downgraded to a category 1 storm, and according to one New Orleans blogger, author Poppy Z. Brite, cell phone networks are already being restored, although power and landline phones are still out: “This is the back end of the storm going over now and it’s just a bunch of rain no street flooding in our area. Very quiet haven’t seen a soul except a few cop cars going by. We’re gonna be ok.” A lot of political mileage has already been made of Gustav - including the circulation of the photo snapped of John McCain eating his birthday cake with George W. Bush while Katrina was devastating New Orleans. Time has an interesting article looking at whether John McCain can seize the initiative and handle this unexpected domestic issue more adroitly than Bush handled Katrina:
Read the full story here. |
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