Heavy fighting continues in Afghanistan

Afghan Northern Alliance leaders claimed two victories yesterday, including the capture of a strategic town and the defection of five important Taliban commanders and 400 soldiers. They also reported seizing of two tanks and two anti-aircraft guns. However, heavy fighting continues, according to CNN.com. Troop morale is high, but the U.S. bombing campaign must be intensified before Northern Alliance fighters can advance further, according to the AP. This comes at the same time as a warning from President George W. Bush that Osama bin Laden's al-Qaeda terrorist network is attempting to obtain chemical, biological and nuclear weapons. He said that with the capabilities, the terrorist network would be a national threat. "We will not wait for the authors of mass murder to gain the weapons of mass destruction. We act now because we must lift this dark threat from our age and save generations to come. We are determined to fight this evil and fight until we are rid of it," Bush said. "We will not wait for more innocent deaths. We will not wait for the authors of mass murder to gain the weapons of mass destruction."

New York, N.Y.

Federal Reserve cuts short-term interest rates

In an effort to combat the U.S. economy's accelerating decline, the Federal Reserve cut short-term interest rates yesterday for the tenth time this year, lowering the overnight lending rate half a percentage point to two percent. Having set interest rates to the lowest level since the '60s, the Fed's policymakers said that "heightened uncertainty and concerns about a deterioration in business conditions both here and abroad are damping economic activity," according to The New York Times. Wall Street analysts interpreted the half-point cut as determination to go all out in reviving an economy that had been weak before the Sept. 11 terrorist attacks and grew weaker from the blow. The Fed still faces a series of tricky trade-offs, according to The New York Times. It is under pressure to bolster consumer confidence heading into the holiday shopping season and support stock prices at a time when Wall Street is still getting its legs back. There are a growing number of economists who are worried about the Fed's overuse of monetary policy as rates approach zero, according to The Economist.

Massachusetts

Senator Rosenberg challenges toll charges

Massachusetts State Senator Stanley C. Rosenberg said yesterday that he was officially drafting a letter to the Massachusetts Turnpike Authority expressing outrage at the proposed return of toll charges on the four western turnpike exits. Rosenberg said he believes that the state legislature may be required to intervene in the political action of Governor Jane Swift, who opposes the toll increases and has called for the resignation of two Turnpike Authority board members. The Turnpike Authority voted Oct. 30 to delay the planned toll increases by six months, but Swift was not placated, threatening to fire the board members if they refuse to resign. "Now these guys, because of political pressure, decided to delay toll increases they knew they had to do. They are pouring salt in the wounds of all of those past offenses to western and central Mass. caused by the Big Dig. Well, they can just take the proposal and put it where it belongs," said Rosenberg.