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NATION
THE BATTALION
Page 9
WASHINGTON (AP) — The Feder-
I Reserve raised a key interest rate today
y a quarter-point — the fifth increase
ince June — in an effort to slow the
peeding economy and keep inflation
fom escalating.
The announcement came after a
losed-door meeting of the Federal Re-
erve’s Federal Open Market Committee,
he officials who set interest rate policies.
The Fed said it was increasing its tar-
;et for the federal funds rate to 6 percent
rom 5.75 percent.
It also raised its mostly symbolic dis-
:ount rate, the interest that the Fed
harges to make direct loans to banks, by
iquarter-point to 5.50 percent from 5.25
lercent.
The long-expected increase had little
mmediate impact on Wall Street. A quar-
er hour after the increase was announced,
he Dow Jones blue-chip stock average
vas virtually unchanged; the Nasdaq in-
lex had dropped 18 points and the yield on
-year Treasury bonds was unchanged.
In a statement explaining its decision,
he Fed said it continues to remain con-
:emed that the rapidly growing economy
could foster inflationary imbalances that
would undermine the economy’s record
economic expansion.”
The Fed’s quarter-point increase in
the funds rate was expected to be quick
ly followed by announcements from
commercial banks that they were boost
ing their prime lending rate by a similar
quarter point, from the current 8.75 per
cent to 9 percent.
The prime rate is a key benchmark for
millions of loans, from home equity and
credit card balances to short-term loans
for small businesses.
The Fed had already raised rates four
times in quarter-point steps since June to
slow the economy'and keep inflation un
der control. The increases have done lit
tle to either slow the economy or its main
engine — consumer spending.
The Fed said future “risks are weight
ed mainly toward conditions that may
generate heightened inflation pressures in
the foreseeable future.”
This statement does not guarantee
that there will be future rate increases but
it puts financial markets on notice that
the Fed continues to be worried about in
flation dangers.
In recent speeches, Federal Reserve
Chairman Alan Greenspan raised new
worries that too-rapid growth could de
rail the record-breaking economy, which
is in the 108th month of uninterrupted
growth. Many economists took those re
marks as a signal that higher interest
rates would be forthcoming.
The economy grew by a breakneck
6.9 percent annual rate in the final three
months of 1999 and many economists
believe growth in the current quarter will
come in around 5 percent, far above the
3.5 percent rate the Fed would like to see
at this stage of the economic expansion.
Greenspan has warned in recent
speeches that the strong consumer de
mand, which he said was being powered
by the surge in wealth created by the
stock market, cannot continue to outstrip
supply without triggering serious infla
tion problems.
To some Fed watchers, Greenspan’s
warning seemed to indicate the Fed was
aiming its interest rate increases square
ly at the high-flying stock market,
prompting some in Congress to question
what business the Fed has in trying to
jack up interest rates in order to make
stock prices fall.
Interest rate hike
The Federal Reserve raised the
federal fund rate and discount
rate by a quarter of a point
Tuesday in an effort to slow the
sizzling U.S. economy and
control inflation.
Prime rate*
Discount rate
5.50%
1995 1996 1997 1998 1999 ’00
‘The Bank of America raised its prime
rate, effective Wednesday, to 9 percent.
Other banks are expected to follow suit.
Source: Compiled from AP wire reports
AP
Glock Inc. refuses to
sign gun-control deal
SMYRNA, Ga. (AP) — Glock Inc. will
not sign a voluntary gun-control agree
ment similar to the one reached last
week between Smith & Wesson Corp.
Robinson challenges Kennedy
for senate seat by revealing past
was pressured by author and the Clinton administration, the
ic shooter. company said Tuesday.
The deal-breaker was the creation
of an outside "oversight commission,"
made up of local, state and federal of
ficials, who would supervise the gun
manufacturer.
Last week, Smith & Wesson, the na
tion’s largest gun manufacturer,
agreed to make its handguns more
childproof by installing safety locks
and developing “smart gun" technolo
gy. Smith & Wesson also agreed to the
same oversight commission that
Glock opposes.
Smith & Wesson accepted the re
strictions in exchange for some pro
tection against lawsuits. At least 15
le next 2 1/2 days stu( 0 f 29 cities and counties that had
is arm trapped undertiM suec j the gun industry have agreed
ieet hanging out the vg iq (jj-gp Smith & Wesson from their
lawsuits.
Any changes at Glock, however, will
not be made with an eye toward avoid
ing lawsuits, Jannuzzo said.
“Nobody’s going to drop any of
these lawsuits unless we sign on to
the commission,” Jannuzzo said. “And
we will never do that."
Instead of adopting the entire
agreement, Glock will consider “sen
sible and workable” parts of the plan,
Jannuzzo said.
Such elements might include keep
ing an electronic record of sales and
requiring employees to pass a written
exam. Those steps go beyond current
federal law.
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cuts.
BOSTON (AP) — Sen. Edward M. Kennedy's latest polit
ical opponent has made character an issue—his own character.
Republican Jack E. Robinson III opened his campaign to
unseat the 37-year Senate veteran Tuesday by issuing an 11-
page report detailing all of the dirt he could dig up on himself.
It includes topics such as “Liquor,” in which he express
es a preference for scotch, gin and brandy, and “Restraining
Order,” in which he defends himself against allegations made
by a former girlfriend.
“I am willing to basically
put my personal background
out there for everyone to re
view and I would trust the cit
izens of the commonwealth to
make their own decisions at
the appropriate time,” Robin
son said at a news conference.
Robinson, a 39-year-o!d
wealthy business executive
and political neophyte, reports
in exhaustive detail on a
drunken driving arrest in the
mid-1980s and a relationship
that ended in a restraining or
der against him.
His dirty laundry list also
includes flunking the bar twice in New York and once in Texas
(“I didn’t really study for them”) and being accused of pla
giarism (a court ruled against him and his book on Pan Am
airlines was never released).
“I think it’s awfully tough to be introduced this way. The
big advantage is, of course, he’s running against Teddy
Kennedy,” Republican consultant Charley Manning said. He
added: “Let’s face it, even with the Robinson report, Teddy’s
resume on all these hijinks far outweigh anything Jackie did.”
Robinson’s background was too much for the state’s top
Republican, Gov. Paul Cellucci, who withdrew his endorse
ment of Robinson.
“I think it's awfully
tough to be introduced
this way. The big advan
tage is, of course, he's
running against Teddy
Kennedy”
— Charley Manning
Republican Consultant
“The sheer volume of the allegations and the disturbing
nature of some of these allegations makes it pretty impossi
ble for him to get this campaign off the ground,” Cellucci said.
The Republican State Committee joined Cellucci in with
drawing its support.
In a statement put out following the governor’s an
nouncement, Robinson said he was disappointed, but also felt
liberated to “run a John McCain style campaign, free form the
restrictions, good old boy rules and double-crossed tactics.”
Robinson said he wasn’t look
ing to bring up Kennedy’s much-
Robinson’s report or his candida
cy. “The senator runs for an office,
not against his opponent,” he said.
Robinson, a graduate of Brown
University and Harvard Business
School who spent most of his busi
ness career in the airline and cellular
industries, lives in Greenwich,
Conn., but said he is moving this
week to his parents’ home in Boston.
Saying he was bom in Boston
and educated at schools through
out the state, Robinson shrugged
off any suggestions that he was a
carpetbagger.
Questions of Robinson’s past surfaced almost immedi
ately after he confirmed he would run for the Senate last week.
In his report, Robinson said he was stopped by police in
Boston after having a couple of glasses of wine with dinner.
While he was being searched, the officer found a “martial
arts implement” in his coat. Robinson said he didn’t know
how it got there. A charge of carrying a dangerous weapon
eventually was dismissed, and a breath-test showing only 0.04
did not lead to a drunken driving charge, he said.
As for the restraining order, Robinson said the woman he
called Jane was upset because he wanted to break oft'their re
lationship and made up the sexual assault allegation against him.
Maureen Reagan calls for Alzheimer’s research funding
WASHINGTON (AP) — Maureen
Medici Reagan, a daughter of the former presi
dent, said Tuesday more money is needed
ohelp combat Alzheimer’s disease, which
has ravaged her father and will strike even
more Americans as the popidation ages.
“He’s doing very well, but the disease
is just awful,” Maureen Reagan told the
Associated Press on Monday. “It just gets
worse every day.”
Reagan is a board member of the
Alzheimer’s Association, which Tuesday
released an analysis of census data that
the number of Americans with
lei Alzheimer’s will more than quadruple in
Ihenext 50 years.
“Alzheimer’s disease doesn’t make
special arrangements for presidents or first
adies, or anyone else for that matter,” she
told the Senate Appropriations subcom-
mittee on health.
" “When it takes hold it follows its own
course of destruction, frequently ravaging
not only its di
rect victim,
but also the
caregivers and
loved ones
along with if”
she said.
While she
did not go into
detail con
cerning her fa
ther’s condi
tion, she said
in January that
the former president cannot speak coherent
ly and can no longer join her in working sim
ple jigsaw puzzles because of failing motor
skills.
“A lot of people ask me [how he is] be
cause I think they hope that somehow
we’ve been
“Alzheimer's disease doesn't
make special arrangements
for presidents or first
ladies, or anyone else for
that matter”
— Maureen Reagan
daughter of President Reagan
spared,” she
said Monday,
“But nobody’s
spared — not in
this disease.”
Speaking
briefly after the
hearing, she
said she agrees
with fonner
first lady Nancy
Reagan’s as
sessment that
her father can no longer conduct a sensi
ble conversation because of the disease.
She said he remains “a handsome devil”
and that he seemed pleased when she
brought him a cake decorated with green
icing on St. Patrick’s Day.
According to the association’s analy
sis, by 2025, California will lead the na
tion with more than 800,000 people with
the fatal brain disorder, followed by Flori
da with about 700,000. Texas, New York
and Pennsylvania round out the top five.
“An estimated 14 million baby
boomers are living with a sentence of
Alzheimer’s disease today,” said Steven
DeKosky, chairperson of the association’s
medical advisory council.
In her testimony, Maureen Reagan
said: “For my father and Nancy and all the
individuals and caregivers across Ameri
ca who are praying for help, I plead with
you to redouble your efforts this year,” she
said. “We must be the last generation of
American families to live without hope—
and with your help we will be.”
PARENTS' WEEKEND ZOOO
ALL-UNIVERSITY AWARDS
Nomination forms are now available for:
ADVISOR OF THE YEAR
&
STUDENT ORGANIZATION
OF THE YEAR
If you think an ADVISOR or
RECOGNIZED STUDENT ORGANIZATION
should receive-this award please nominate them!
Nomination forms can be picked up in the
Department of Student Activities, 127 Koldus
Due March 23, 2000 by 5:00pm
Leaders In Crisis
h
t
t
P
7
/
s
c
o
n
a
/ I \
— / lJ
1999-2000
Student Conference on National Affairs
Registration Deadline: March 17,2000
Late Registration: March 24, 2000
Current Speakers
t
a
m
u
e
d
u
I>r. Robert Gate*: Former Director of the C'lA
I>r. \l Meredith: Senior Pastor for Wedgwood Baptist
Church in Fort Worth
Omar Bar/ani:
President of the American Branch of the
Kurdish Relief Foundation
Registration Online at http://scuna.tainu.edu
-jy- Or Come by our Table* at the MSC 3/21-23/00
Registration Fee $20 for Texas A&M Students
ck
March 30-April 1,2000
The Texas A&M University Student Media Board
is accepting applications for
Aggieland
2001
Qualifications for editor in chief of the Aggieland yearbook are:
• Be a Texas A&M student in good standing with the University and enrolled in at least six credit
hours (4 if a graduate student) during the term of office (unless fewer credits are required to
graduate);
• Have at least a 2.00 cumulative grade point ratio (3.00 if a graduate student) and at least a
2.00 grade point ratio (3.00 if a graduate student) in the semester immediately prior to the
appointment, the semester of appointment and semester during the term of office. In order for
this provision to be met, at least six hours (4 if a graduate student) must have been taken for
that semester;
• Have completed JOUR 210 (Graphics) and JOUR 301 (Mass Communication, Law and
Society), or equivalent;
• Have demonstrated ability in writing through university coursework or equivalent experience;
• Have at least one year experience in a responsible position on the Aggieland or comparable
college yearbook.
Application forms should be picked up and returned to Francia Cagle in the Student Media
office, room 014A Reed McDonald Building. Deadline for submitting application: noon
Wednesday, March 22, 2000. Applicants will be interviewed during the Student Media
Board Meeting beginning at 6:15 p.m. Tuesday, March 28, in room 221F Reed McDonald.
An Affirmative Action/Equal Opportunity Employer Committed to Diversity.
The Texas A&M University Student Media Board
is accepting applications for
m *3*
M
■ ii m '
The Battalion
— Including radio and online editions —
Summer 2000 Fall 2000
(The summer editor will serve (The fall editor will serve
May 22 through Aug. 11,2000.) Aug. 14 through Dec. 15, 2000.)
Qualifications for editor in chief of The Battalion are:
• Be a Texas A&M student in good standing with the University and enrolled in at least six credit
hours (4 if a graduate student) during the term of office (unless fewer credits are required to
graduate);
• Have at least a 2.00 cumulative grade point ratio (3.00 if a graduate student) and at least a
2.00 grade point ratio (3.00 if a graduate student) in the semester immediately prior to the
appointment, the semester of appointment and semester during the term of office. In order for
this provision to be met, at least six hours (4 if a graduate student) must have been taken for
that semester;
• Have completed JOUR 301 (Mass Communication, Law and Society), or equivalent;
• Have at least one year experience in a responsible editorial position on The Battalion or
comparable daily college newspaper,
-OR-
Have at least one year editorial experience on a commercial newspaper,
-OR-
Have completed at least 12 hours journalism, including JOUR 203 and 303 (Media Writing I
and II), and JOUR 304 (Editing for the Mass Media), or equivalent.
Application forms should be picked up and returned to Francia Cagle in the Student Media
office, room 014A Reed McDonald Building. Deadline for submitting application: noon
Wednesday, March 22, 2000. Applicants will be interviewed during the Student Media
Board Meeting beginning at 6:15 p.m. Tuesday, March 28, in room 221F Reed McDonald.
An Affirmative Action/Equal Opportunity Employer Committed to Diversity.