ENTERTAINMENT
SPORTS
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S P The
Serving Southern Miss since 1927
Tuesday, March 24, 2009
Volume 93, Issue 47
Treasury spending to lure investments in bad securities Jim Puzzanghera and Walter Hamilton Tribune Washington Bureau
WASHINGTON -- The Obama administration on Monday released the long-awaited details of its plan to cleanse banks of bad home loans and other toxic assets, igniting a major Wall Street rally as investors glimpsed what might be the beginning of the end of a problem at the core of the financial crisis. The Dow rocketed nearly 500 points after Treasury Secretary
Timothy Geithner briefed reporters on the administration’s innovative but untested plan, which makes Obama a strategic bet that partnering with private investors to buy the assets will stabilize the crisis while limiting the risk to taxpayers. “We believe that this is one more element that is going to be absolutely critical in getting credit
flowing again,” President Barack Obama said. “It’s not going to happen overnight. There’s still great fragility in the financial systems. But we think we are moving in the right direction.” The new Public-Private Investment Program will use $75 billion to $100 billion in federal financial rescue money to lure private investors to join with the government in purchasing as much as $1 trillion in bad subprime mortgages, mortgage-backed securities and other troubled assets that are dragging
down the balance sheets of financial institutions. With Wall Street greeting the plan optimistically, experts said, the potential for generous government financing could entice investors into the troubled sector. “I like where they’re going,” said Frank Pallotta, a principal at Loan Value Group in Rumson, N.J., a consulting firm that advises buyers and sellers of distressed mortgage assets. “It’s a step in the right direction.” Two large money management
firms, Pimco in Newport Beach, Calif., and BlackRock Inc. in New York, said they would participate in the asset-purchase program. And the Financial Services Roundtable, which represents large banks that would put assets up for sale and private-equity firms that would buy them, said it heard positive feedback Monday. Geithner on Monday tried to ease concerns among potential investors in the toxic assets that Congress might change the rules later, reflecting a worry raised by con-
gressional outrage over the $165 million in retention bonuses paid to employees at bailed-out insurance giant American International Group. Getting investors to join with the government and take the risk of buying the bad assets “will require confidence among investors there’s clearly established rules of the game consistently enforced going forward.” Geithner said the administration would work with See TREASURY on page 3
RAYLAWNI BRANCH
The return to Washington Editor’s note: This is the third story of the five part series regarding Raylawni Branch’s story. Another chapter of her story will be published Thursday.
Jesse Bass Opinions Editor
Illustration by Sebe Dale IV/Printz
Students take on thrill-seeking new hobbies Brett Carr Printz Writer
Daniel Firth says his middle name is “danger.” Firth, a 19-year-old freshman at USM, is a volunteer firefighter with the Northeast Lamar Fire Department. To Firth, fighting fires – and risking his life to serve the community – gives him both a sense of satisfaction and an adrenaline rush he does not get from any other source. “There is no better rush than the opportunity to save lives and help strangers,” Firth said. “I love dangerous things.” He’s not the only Southern Miss student looking for a thrill. For Shelley Sheppard, a 23year-old junior from Poplarville, skydiving is what gets her pulse racing. Sheppard skydives regularly with Gold Coast Skydiving, a firm based in Lumberton. “I just went just because I wanted to, and it seemed really cool,” said Sheppard. “It is a feeling that is not explainable. You have to do it to feel it.” Firth and Sheppard are each involved in activities that annually produce injuries ranging from minor scrapes to broken bones or worse. The National Fire Protection Association reported that more than 38,000 fire fighters a year suffer some kind of injury. Jumptown.com, a Web site maintained by a Massachusetts skydiving operation, claims that
INDEX
CALENDAR............................2 DIRTY BIRDS.........................2 OPINIONS...............................4 CONTACT INFO.....................5
at least one jumper in 200 can expect to be injured in some form or fashion. And the United States Parachute Association reported 18 people were killed skydiving in 2007. Sheppard said none of those statistics get in the way of her passion. “It’s way cooler than it is scary,” she said. Sharon Stahler, a licensed professional counselor with USM’s student counseling center, said she also has jumped out of an airplane. Stahler considers it a way to feed a need for excitement in life. “It is not brave if you are not scared,” said Stahler. “People override their gut feelings when taking risks.” Stahler has branded this type of thinking, “knowing, without knowing why.” She said many people wish to be brave and take risks. “Leaning into our fears is a way of personal growth,” Stahler said. Kevin Mathews, a 20-yearold junior from New Orleans, is currently a cadet with USM’s Army Reserve Officers Training Corps program. Mathews said after his freshman year, he enlisted in the Army and went to basic training. His motivation was to provide better service to the Army as an Submitted Photos officer, but the danger involved in military duty also offered “a Top: Shelley Sheppard of Poplarville skydives. Bottom left: Kevin Matthews of New See THRILLS on page 3
ENTERTAINMENT.................6 ENT. CALENDAR...................7 SPORTS....................................8 SPORTS CALENDAR.............8
Orleans trains with his ROTC unit. Bottom right: Daniel Firth poses during a training fire exercise.
Mississippi’s freedom summer in 1964 successfully registered less than 2000 black voters. This was an unsatisfactory percentage of Mississippi’s massive black population. The Freedom Democratic Party was formed by blacks and whites alike to re-route the registration applications of potential black voters amongst other things. Despite efforts by the Freedom Democrats and droves Fannie Lou Hamer upon droves of supporters, white Mississippi Senators John C. Stennis and Dennis Eastman were granted another term in 1964’s elections. The senators, known for segregationist policy, were widely held in contempt by Mississippi’s gargantuan population of disenfranchised blacks. Fannie Lou Hamer, Annie Devine and Victoria Gray Jackson Adams ran against Stennis and Eastman, but their names didn’t appear on the ballot because the Mississippi Election Commission claimed the petition for the women’s candidacy comprised too few signatures. After the election, the three women trekked to Washington with supporters to contest the senatorial seats, as a significant portion of American citizens in Mississippi were denied the right to vote. Raylawni once again found herself on a bus to Washington. The group arrived in Washington to find their destination, the U.S. House of Representatives, staked out by a rowdy party of protesting neo-nazis. For the first time in her quest for civil rights, Raylawni was scared. Raylawni thought of her three children at home. She thought about what would happen if the situation turned sour and headed toward violence. She foresaw her instincts guiding her to hit back. She thought about landing in a D.C. jail. “No niggers in the capital!,” Raylawni heard one of the protestors shout. With a racing heartbeat, she looked at Hamer, and an inspirational epiphany of courage knocked her noggin. Hamer stood facing the clamor, with a large and powerful shoulder pointed dead center into the mob. She held her long winter coat tightly around her body, leaning towards the bigots, swastikas held high. A scowl of scorn and contempt grew on Hamer’s face. The knee facing the assembly, stiff and straight until this point, buckled as the woman’s hearty frame began to bustle to the building’s door. Devine and Adams helped Hamer lead the way into the House. Raylawni and the others followed. Although the election wasn’t overturned, the debate that followed proved to be a milestone in the civil rights movement. Rayalwni walked away from the experience with newfound inspiration, grit and guts. “They were the bravest women in the world,” said Raylawni through an expression of awe and fond memory. “They really made people want to go a step further.”
THE BIG YANK
Mississippi in the sixties was no place for an ambitious, career-oriented black person--unless said person’s ambition was a spotless life career on a custodial staff.
POLICY
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