Chairman Christopher Dodd











Earlier this week, Senate Democrats circulated a counter proposal to President Bush’s $700 billion financial rescue plan.

According to CNN, the counter proposal, which was offered by Senate Banking Committee Chairman Christopher Dodd, D-Conn, would call for the government to receive ownership stakes in any company that is given assistance. It would also require the government to come up with a “systematic approach for preventing foreclosures and ensuring long-term, sustainable homeownership through loan modifications and use of the HOPE for Homeowners Program” on mortgages purchased through the bailouts.

This plan would allow the Treasury to purchase distressed assets from U.S.-based companies and foreign firms with large U.S. operations. These assets would be purchased by the government at a discount and then turned around and sold for a profit.

The proposal is part of a government effort to contain the financial crisis that has gridlocked Wall Street.

The debate of this initiative marks what could be the most significant economic intervention on the part of the government since the Great Depression.

State attracts big star bucks

Since the rollout of the Michigan legislation offering up to a 42 percent rebate in tax incentives to those considering shooting movie films here, an estimated $400 million has been generated since April in revenue for hotels, crew salaries, production equipment and location expenses.

Several communities have gone all out to promote their city as the “place to be” for film locations. Royal Oak, Ferndale, Rochester and Rochester Hills are among several of the metro Detroit cities that have gone out their way to make the Michigan experience a happy one for film companies.

With the implementation of interactive websites such as www.filmrochesterarea.org, city film offices have made it less cumbersome for filmmakers to obtain permits and book locations.

Currently there are approximately seven major film projects going on in Michigan and hopefully as the wheel becomes a more well-oiled machine, there will begin be a significant shift in the economy – for the better.

Car pool, not to car pool?

According to Fox 2 News, the state Legislature has approved new bills that will authorize Michigan to have car pool, or high-occupancy vehicle (HOV), lanes.

Currently HOV lanes are in effect or being planned in 46 metropolitan areas in 29 states and Canadian provinces, according to the Federal Highway Administration.

In February of this year, Michigan opened a lane on a five-mile stretch along Michigan Avenue as a pilot project to test the concept, although no specific plans have been made to create more HOV lanes. However, officials are evaluating whether or not it would make sense to add them during the rebuilding of state highways.


Sigmas continue aid to homeless

The brothers of Phi Beta Sigma Fraternity Inc., University of Detroit Mercy’s Rho Nu Chapter, continue the fight against homelessness. In an effort to raise awareness and inform Detroiters of the dynamics of this social ill, the Sigmas started their annual Sleep Out for the Homeless weekend in 2005. The two day event begins with the sleep-out and partnering with the Homeless Action Network of Detroit (HAND), which culminates with HAND’s annual Walk Against Homelessness.

Armed with a limited amount of resources, participants sleep outside for an entire night during the fall semester at University of Detroit Mercy’s Kasaab Mall. Volunteers and students experience firsthand what these individuals go through on a daily basis.

The chapter also raises money, clothes and canned goods through its program, Project TOUCH (Together Our Unity Can Help) for various organizations serving the homeless. Through this event, Phi Beta Sigma Fraternity seeks to increase humility through exposing themselves and others to a fraction of the experience of homelessness, while at the same time donating much needed money and items to worthy organizations.

The Sleep Out for the Homeless takes place Friday, Nov. 14, at the University of Detroit Mercy with the Walk Against Homelessness on Saturday. Mark your calendar for this important event.


DIA October spectacular

This is the month to take time to visit four spectacular exhibitions at the Detroit Institute of Art: Kenro Izu: Sacred Places (on view until Oct. 12); The Private World of India's Mughal Emperors: Albums of Painting and Calligraphy from the Chester Beatty Library; Jane Hammond: Paper Work, and Monet to Dali: Modern Masters from the Cleveland Museum of Art opens Oct. 12.

Programs are free with museum admission unless otherwise noted. For more information, call 313-833-7900 or see the web site at www.dia.org.