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First Line News – Business –
Tuesday, February 24, 2009

Major Indexes Fall to 1997 Levels
Wall Street has turned the clock back to 1997. Investors unable to extinguish their worries about a recession that has no end in sight dumped stocks again Monday.

Treasury, Citigroup Debate Control
The federal government is negotiating a deal with Citigroup that may expand its ownership share to the point that it effectively nationalizes the nation’s third-largest bank.

Plan to Buy Foreclosures Meets with Criticism
Last month, the Department of Housing and Urban Development signed off on hundreds of grants to all 50 states totaling almost $4 billion. The Neighborhood Stabilization Program, as it’s known, was passed last year as part of a housing rescue plan that was regarded at the time as the most significant housing legislation in a generation. But critics have assailed the program.

Nation Faces Enormous Fiscal Obstacles
“A billion here, a billion there – pretty soon it adds up to real money,” Sen. Everett Dirksen famously observed. Mr. Dirksen, the late Republican fiscal conservative, held the Illinois Senate seat Barack Obama later occupied.