August 5, 1998 All Things Considered (entire program) Requires the RealAudio Player

An index of the day's stories:

Stock Markets -- NPR's Melissa Block reports on the day after Tuesday's stock market decline, which was marked by a 300 point drop in the Dow Jones Industrial Average. Many analysts say they believe Tuesday's performance is not a sign of a deeper decline, but merely a long-expected "correction" of an over-valued market. (4:00)

Beige Book -- The Federal Reserve issued its assessment of the U.S. economy today. The summary was prepared in advance of the August 18th meeting of the Federal Open Market Committee -- the policy-making arm of the Fed. Robert and Linda talk about the good news and bad news contained in the report...which showed that the economy continues to expand, unemployment remains low, and that there is lower demand for U-S exports, among other things. (1:00)

View From Japan -- All Things Considered host Linda Wertheimer talks with NPR's John Ydstie, who's in Tokyo following the economic recovery in Asia. The ups-and-downs of the U.S. stock market and the overall slowing of the U-S economy have been pegged in part to Asian economic troubles. John says that Prime Minister Keizo Obuchi is struggling to get the economy back on track with a variety of new economic reforms. (4:00)

Iraq and the United Nations -- NPR's Eric Weiner reports from Amman that Iraq has decided to suspend all cooperation with U.N. arms inspectors and the International Atomic Energy Commission in the wake of a break down of talks earlier this week with Chief U.N. arms inspector Richard Butler. The decision was made by Saddam Hussein and the leadership of his Baath party and seemed to set up a new confrontation with the U.N. and the United States. (3:30)

China Flooding -- NPR's Mary Kay Magistad reports that Typhoon Otto hit the coast of China today, bringing more heavy rain inland to fuel China's worst floods in 45 years. With the industrial city of Wuhan threatened with a record crest in the coming days, Chinese officials are prepared to dynamite upstream dikes to flood the countryside if that can save the city from a deluge. (4:00)

Indonesia Human Rights -- Patricia Nunan reports that Indonesia's former President Suharto may become a target of a military investigation of human rights abuses. Investigators already have decided to question Suharto's son-in-law, former head of Indonesia's special forces, concerning allegations that the military was involved in the abduction and torture of political activists. Today, a group of retired generals suggested investigators also should examine Suharto's possible involvement. (3:30)

Year 2000 Computer Problem -- One year and 148 days until the calendar rolls over to the year 2000. That's a fact that worries many computer specialists. Back when computer mainframes were first being developed, programmers simply used the LAST two digits of a year when entering time-sensitive data. When 2000 arrives, many of those computer systems operating with that software will read the internal clock's "00" and construe the date as 1900. This could play havoc with many key computer-based services, from electronic power grids to bookkeeping to the Social Security Administration and Medicare's disbursal records --leading to inadvertent shutdowns, malfunctions, or just plain confusion. We take an in-depth look at how public and private enterprises are coping with the so-called "year 2000" computer bug. Robert Siegel visits the Johns Hopkins Health System to find out how the hospital is grappling with the problem. He also talks with IBM programmer Bill Cook about the nature of the problem and with a lawyer, Reid Kathrein, about the potential litigation that might follow computer malfunctions. Reporter Dan Charles explains how the embedded chip problem is affecting the utility industry. And reporter Steve Inskeep profiles the labor intensive software testing that the Federal Aviation Administration has taken on to make sure all its systems will run on January 1, 2000. (12:30)

Closing Numbers -- All Things Considered hosts Linda Wertheimer and Robert Siegel have an overview of how financial markets performed today. (1:00)

Fund Manager -- Robert talks with Chris DeSimio, a financial consultant and stock broker from Cincinnati, Ohio. DeSimio discusses what he and his customers did today, following yesterday's rough day on the stock market. He says that mostly, he picked up bargain-priced stocks. (4:00)

View From Wall Street -- NPR's Margot Adler found some New York investors alert, but not anxious, Wednesday, after Tuesday's stock market decline. While brokers weren't talking, some investors said were expecting what most analysts are calling a market correction. (3:30)

GM Restructuring -- NPR's Don Gonyea reports that General Motors CEO Jack Smith outlined plans to close plants, cut workers, and eliminate models as the auto maker battles to improve productivity. Smith says GM will try and reduce it's work force through attrition and reduce the number of models from 77. GM's July sales figures were also released today, off by almost 38 percent from July 1997 because of the strike that cost the GM over 2 billion dollars. (3:30)

Geoffrey Fieger -- Roger Adams of member station WDET in Detroit reports on the gubernatorial primary victory of Geoffrey Fieger, perhaps better known as Dr. Jack Kevorkian's attorney. Fieger ran a controversial campaign by attacking Governor John Engler and alienated many Democratic voters in the process -- but his appeal to minority and blue-collar voters secured him the nomination. (3:30)

'TNT' by Tortoise -- Music critic Will Hermes has a review of the latest album by Chicago rock band Tortoise. He says that the music isn't exactly rock, as most people define it -- but that it's definitely more interesting than most other current musical trends. Note: "TNT" by Tortoise is available domestically from Thrill Jockey Records, catalogue number Thrill050. (3:30)

Clinton on the Hill -- President Clinton cheered at a private meeting with House Democrats today. Participants say they discussed only issues of interest to their constituents like Social Security and health care, not the Monica Lewinsky matter. They say the president promised his help in electing Democrats to Congress in the fall. NPR's Peter Kenyon reports. (4:00)

Democratic Fundraising -- NPR's Peter Overby reports that both the Democratic and Republican parties are embarking on massive fundraising efforts as they look towards the fall elections. The Democratic Party -- with President Clinton as chief fundraiser -- is trying to raise $18 million in a so-called Unity Campaign. Republicans have a goal of $37 million, to be funded in part by contributions from members of Congress who are secure in their own campaigns and can afford to share funds with colleagues in more competitive races. (5:00)

Reno-Burton Standoff -- NPR senior news analyst Daniel Schorr says that the confrontation between Attorney General Janet Reno and Indiana Senator Dan Burton is not likely to generate the same sort of media attention as the one between President Clinton and Kenneth Starr, but that it's serious in its own way. Schorr says that it is unlikely that the House will get around to voting on holding Attorney General Reno in contempt of Congress before its recess on Friday...and that the time away could provide a much-needed cooling off period. (3:30)

Congo Unrest -- Linda talks with NPR's Jennifer Ludden in Kinshasa about the latest developments in the army rebellion that erupted this week against Laurent Kabila, President of the Democratic Republic of Congo. Kabila's government says neighboring Rwanda is behind the revolt, and claims Rwanda's Tutsi-led troops are fighting alongside the mainly ethnic Tutsis who rose up against Kabila along the border with Rwanda. Rwanda denies it is involved. Today Kabila's former foreign minister reportedly surfaced in rebel-held territory, denouncing the president as "dangerous." (4:45)

'Katschen & the Book of Joseph' -- Israeli experimental writer Yoel Hoffman has never before been published in the United States. Now, Katschen & the Book of Joseph is available in English, and reviewer Alan Cheuse says that the two novellas are compelling, moving, and truly one-of-a-kind works of fiction. Note: Katschen & the Book of Joseph is published by New Directions Press. (2:30)