Bush says anxiety feeding market instability

President Bush said today the government's financial rescue plan was aggressive enough and big enough to work, but would take time to fully kick in. "We can solve this crisis and we will," he said in brief remarks from the White House Rose Garden. Bush spoke as leaders of the world's top economies gathered in Washington amid frozen credit markets, panic selling in stock markets and a looming global recession. The president noted that major Western countries were working together in an attempt to stabilize markets and end the spreading panic, including coordinated cuts in interest rates. Finance ministers and central bankers from the Group of Seven—the United States, Japan, Britain, Germany, France Italy and Canada—were here for a weekend meeting. Bush’s comments came as Wall Street extended its devastating losses today, but prices swung sharply as investors scooped up some shares decimated by more than a week of intense and panicked selling. The Dow Jones industrials, down nearly 700 points in the opening minutes of trading, recovered to an advance of more than 100 before turning sharply lower again, and the other major indexes fluctuated widely as well. In midday trading, the Dow fell 388.53, or 4.53 percent, to 8,190.66. At its low point today, the Dow was at 7,882.51, just 60 points above its low in Wall Street's last bear market, 7,286.27, reached Oct. 9, 2002.

Gas prices fall below $3 per gallon in several states

Underscoring Americans' waning appetite for fuel, a gallon of regular gasoline dropped 5.3 cents overnight to a national average of $3.35 a gallon, according to auto club AAA, the Oil Price Information Service and Wright Express. Prices dipped below $3 a gallon on average in Iowa, Kansas, Missouri and Oklahoma. If crude keeps falling, the rest of country could see sub-$3 gasoline in the next few weeks if not sooner, experts say.

The average price of a gallon of regular gasoline in Louisiana is $3.38, according to Louisianagasprices.com, down from $3.55 one week ago and $3.64 one month ago. According to the Web site, the price of a gallon of regular gasoline in East Baton Rouge Parish ranges from $2.99 at a Chevron station at Thomas Road and Scenic Highway and a Citgo station at Scenic Highway near Springfield Road to $3.53 at a Chevron station at Acadian Thruway and Interstate 10.

Meanwhile, oil prices briefly plunged below $79 a barrel today, dropping to the lowest level in nearly 13 months. Crude has now lost about 45% since hitting a record $147.27 on July 11.

Stock analyst: Shaw benefits if McCain wins

If U.S. Sen. John McCain is elected president, The Shaw Group could be one of the big winners, one stock analyst says. The Arizona Republican has repeatedly said that more nuclear power plants need to be built in order to address climate change and reduce American dependence on foreign oil, says Paul Tracy of The Street Authority Market Advisor. Shaw's largest market is building and maintaining power plants, and the company owns a stake in Westinghouse Electric, one of the world's leading designers and builders of power plants. Even if McCain isn't elected, Tracy says Shaw should be busy building plants in China and South Africa. Other analysts on TheStockAdvisors.com say a McCain White House would lead to gains for the defense, oil drilling and pharmaceutical industries. If U.S. Sen. Barack Obama is elected Nov. 4, companies investing in stem cell research, alternative energy and domestic health care are seen as likely winners. Read the report here.

Last day for 'Forty Under 40' nominations

Today is the last day to nominate someone or apply for Business Report's annual "Forty Under 40" list. The awards honor the young men and women who are making the Capital Region a better place to live, work and play. All nominations must be made online here.

LaPolitics by John Maginnis: New life for Jefferson

Running in his second election under indictment, Congressman Bill Jefferson appears to be an even stronger favorite for re-election than before his 2006 victory. Jefferson led the first Democratic primary and made the Nov. 4 runoff against the one challenger observers figured he could beat: political newcomer Helena Moreno, the lone white candidate. Jefferson finished with 25% of the vote to 20% for Moreno. None of the five black candidates who split 55% of the vote has come out against Jefferson, and none is expected to. They are all looking forward to a potential special election early next year if the congressman is convicted, and they don't want to alienate the stubbornly loyal Jefferson base.

—In the 4th Congressional District, it was no surprise that John Fleming and Chris Gorman ran so even, 35% to 34%. More unexpected was that Democratic front-runner Paul Carmouche did not win the nomination outright but must face Willie Banks in a runoff. Though Carmouche led 48% to 23%, Banks, a black bankruptcy trustee and retired military officer, expects an added boost on the Nov. 4 presidential election date. Of 4th District Democrats and independents, 41% are black.

—He's not going to the LSU game at Florida on Saturday, but Gov. Bobby Jindal will be in the Gainesville area for his own tailgate party: a fundraiser targeting Gators fans. The governor's press secretary Melissa Sellers confirmed that the governor will be attending a pregame brunch at the Alachua, Fla., home of Denise and Jason Rosenberg. Some Florida legislative leaders are invited as special guests. An event organizer working for Jindal's committee said 75 to 100 guests are expected. Guests will pay $2,500 to attend the event, $10,000 to have their pictures taken with the governor and $25,000 to participate in a roundtable discussion with him. Asked if Jindal's committee has scheduled more out-of-state fundraisers, the press secretary said, "There will be some fundraising events outside the state."

John Maginnis publishes LaPolitics Weekly at Lapolitics.com

Redevelopment Authority releases draft budget

If a draft budget presented at this morning’s meeting proves correct, the East Baton Rouge Redevelopment Authority will take in about $2 million next year, and spend about $1.85 million of that money. The new body, which has a five-member board but no staff yet, seeks to help move blighted and abandoned properties into productive uses. The draft budget includes estimates of $250,000 in revenue from sales of properties and another $250,000 in grants and other sources not yet identified. The Baton Rouge Area Foundation and the Center for Planning Excellence have been working on the authority’s behalf. Current estimates show about 3,334 adjudicated properties in the parish, which is about 2% of the total properties, based on tax records from 2004 to 2006 held by the Secretary of State’s office. The real total could be as high as 7,000, officials say.—David Jacobs

Gwen Hamilton to head BRAC education reform

The Baton Rouge Area Chamber has hired Gwen Hamilton as its director of education reform. Hamilton, currently works for the Baton Rouge Area Foundation as director of civic leadership initiatives, where she has led efforts to revitalize Old South Baton Rouge. Hamilton says her primary focus will be community engagement for BRAC; she begins her new job Oct. 22.—David Jacobs

EBR ranks above national average for uninsured

More than 20% of East Baton Rouge Parish residents under the age of 65 didn't have health insurance in 2005, according to a report from the U.S. Census Bureau. That's above the national average of 17.2%. Livingston Parish was one of 12 parishes where 25% or more of the population lacked health insurance. To view an interactive table, click here.

Poll: Most agree with Scott's forecast

Fifty-three percent of respondents to a Daily Report survey say they agree with LSU economist Loren Scott's forecast for the state. Thirty-two percent say Scott's outlook is too optimistic, while 4% say he's too negative. Eleven percent is unsure. More than 600 people participated in the survey. Scott says there will be a shallow national recession, but Louisiana will add jobs because of high energy prices and big petrochemical construction projects.

Today's question: When will LSU lose its first football game this season?

A vote against breast cancer

Baton Rouge General's Pennington Cancer Center is in its final week of the second annual "Pink at the Polls" campaign to increase breast cancer awareness. The campaign involves five high-profile men: 225 magazine publisher Julio Melara, WAFB-TV anchor/reporter Paul Gates, actor Jamie Wax; Chef John Folse and WJBO's Bill Profita. The winner will be featured in pink garb. Vote now for your favorite—we’re partial to Julio (who is president of Business Report, as well as publisher of 225)—by clicking here.

News roundup: Southern to host law review conference … Local insurance executive named chairman of council … Anti-Bush bus stopping in Louisiana

First Louisiana school to host event: The Southern University Law Center will host the 2009 National Conference of Law Reviews from March-21, the first time the event has been held at a Louisiana law school as well as a historically black college. More than 250 law review and legal journal editors from across North America are expected to attend the event. … McKnight receives honor: Markham McKnight, head of BancorpSouth Insurance Services in Baton Rouge, has been named 2009 chairman of The Council of Insurance Agents & Brokers. McKnight has been a commercial insurance executive for nearly three decades and was the president and CEO of Wright & Percy Insurance for 11 years, until it was acquired by BancorpSouth in 2003. … Sure there's a section about Hurricane Katrina:A traveling museum criticizing the failings of the Bush Administration is scheduled to stop in Baton Rouge today and New Orleans on Saturday. The Bush Legacy Tour, headed by the left-leaning activist group Americans United for Change, will be at the State Capitol until 1:30 p.m. today, then head to Tulane University and the Lower Ninth Ward on Saturday.