Arizona Daily Sun from Flagstaff, Arizona • 1

i i 4 9j2fl Serving Flagstaff and northern Arizona since 1883 IT FHS, SHS SQUAREj OFF IN GCR NAU THEATRE STUDENTS PRESENT THE FANTASTICKS mmimm 9 0 3 Autumn intneAspene 3 ANflJAL FALL FESTIVAL LC0WmQFTHEQ4yeaGFL 2. j'Wl (SP0RTS19B i i 50 CENTS WWW.AZDAILYSUN.COM FRIDAY, OCTOBER 10, 2008 0 Options dwindling Standard Poors in New York. Nobody wants to take on any risk. Everybody just wants to get their money and put it under the mattress." It all took place one year to the day after the Dow closed at its record high of 14,164. Since that day, frozen credit, record foreclosures, cascading job losses and outright fear have seized the market and sapped 39 percent of its value.

Paper losses for the year add up to an staggering $8.3 trillion, according to figures measured by the Dow Jones Wilshire 5000 Composite Index, which tracks See MELTDOWN, A7 The Dow crashes below 9,000 for the first time in five years. By TIM PARADIS and MARTIN CRUTSINGER AP Business Writers NEW YORK A runaway train of a sell-off turned the anniversary of the U.S. stock market peak into one of the darkest days in Wall Street history Thursday, driving the Dow Jones industrials down a breathtaking 679 points and deepening a financial crisis that has defied all efforts to stop it. Stocks lost more than 7 percent, $872 billion of investments evaporated, and the Dow fell to 8,579. When the average crashed through the 9,000 level for the first time in five years in the final hour of trading, sellers had only begun to hit the gas pedal.

As bad as the day was, even worse was the cumulative effect of a historic run of declines: The Dow suffered a triple-digit loss for the sixth day in a row, a first, and the average dropped for the seventh day in a row, a losing streak not seen since 2002. Right now the market is just panicked," said David Wyss, chief economist at again on Thursday. The government still has some unused options like buying up foreclosed properties and making direct loans to homeowners that might ease the credit and housing crises and brighten the economic outlook. But the options are dwindling See DWINDLE, A7 By TOM VlM Associated Press Writer WASHINGTON Whats left in Uncle Sams economic tool kit? The commitment of $700 billion didnt impress markets here and around the world. Neither did fresh interest rate cuts.

Stocks plunged yet FROM THE PATCH First hard freeze due High winds and very cold temperatures, with a possibility of snow, are due by Saturday night. City mulls TV subsidy But facing a $2 million budget shortfall, the Flagstaff City Council passes until other interested parties can weigh in. By J. FERGUSON Sun Staff Reporter Some members of the Flagstaff City Council are still mourning the demise of Channel 2 News. But apparently not enough to pay to bring a new TV station back to northern Arizona.

The council spent roughly an hour Tuesday night discussing the closure of KNAZ in August and various scenarios to re-establish a television station to cover local news and sports. A wide range of options was discussed from the still-for-sale KNAZ property and its FCC broadcast license to the establishment of a new public access channel that would feature local news. But concern over the cost was a deal-breaker for councilmembers Joe Haughey, Scott Overton and Mayor Sara Presler as the city faces a $2 million budget shortfall. A price to establish a new station was not discussed, but the city is limited by law in how much it can raise from cable subscribers and the council seemed reluctant to use money from the general fund. The council eventually directed City Manager Kevin Burke to facilitate a community discussion among various groups interested in providing local news.

The open-ended council discussion was started several weeks ago by Council-member Rick Swanson, who describes himself as a news junkie. Swanson said he might be willing to offer an incentive similar to the one the city offered to Horizon Air to establish air service to Los Angeles. Other members of the council said the See TV, A7 FLAGSTAFF FORECAST Tooayimsoy sumyr high near 59. with gusts as high as 44 mph. Tonight: A 20 percent chance of showers.

Partly cloudy, with a low around 46. Saturday: A slight chance of rain andor snow showers. Mostly cloudy, with a high near 48. Winds between 30 and 39 mph, with gusts as high as 60 mph. Saturday Night: A 10 percent chance of snow showers.

Partly cloudy, with a low around 22. Sunday: A 10 percent chance of snow. Partly cloudy, with a high near 47. Sunday Night: Partly cloudy, with a low around 19. Source: National Weather Service By BETSEY BRUNER Sun Staff Reporter Its time to batten down the hatches and bring in the tomatoes.

The National Weather Service in Bellemont is issuing a high-wind watch for the Flagstaff area, to go into effect Saturday. Temperatures are also predicted to dip substantially Saturday night, through Sunday morning. There is a deep, strong low coming down into California, and that implies a cold system as well," said Tom Clemmons, a NWS meteorologist in Bellemont. The temperatures were looking at are about 20 degrees Sunday morning in Flagstaff, with some outlying areas possibly dipping as low as the mid-teens, mainly along your mountainous rim-zones and up into the Kaibab. These outlying areas include the Bellemont and Parks areas, he said.

SHELTER GARBAGE CANS Clemmons said NWS officials are concerned about possible high winds, but there is enough weather uncertainly at See FREEZE, A7 i I I 6 i i i i i I i I i i i To order this photo, go to http photos azdallysun com Josh Biggs Arizona Daily Sun JEFF ALLEN STACKS PUMPKINS for a display at his pumpkin market at the Intersection of Butler Avenue and Enterprise Road Thursday. Allen sells the pumpkins from that location and one on East Route 66. Five steps to, protect your water systems during winter Where they stand Energy crisis hitting home By THE ASSOCIATED PRESS Local plumber Marty Mortensen of Mortensen Custom Plumbing offered suggestions about how homeowners can protect their water system when temper-' atures dip below freezing. Apparently, the next few days will be busy, he said. The wintertime especially gets busy if people get distracted from taking care of their homes.

Here are his five tips. 1.) Disconnect outside 1 garden hoses from outside faucets. Faucet systems are designed to drain, but will not do so properly In winter. The entire water system will freeze if hoses are left connected. 2.) Turn off irrigation systems outside.

There is no heat coming off the pipes, so even taping and insulating pipes may not prevent freezing, unless irrigation is turned off. If necessary, water plants by hand. 3.) Make sure access doors to crawl spaces under the floors are properly See WATER, A7 ment of alternative fuels. And many made energy policy a top priority as they consider the presidential campaign. In an Associated Press-Yahoo News survey of voters taken early in September, 77 percent said gas prices were an important or extremely important issue.

Only the See ENERGY, A7 EDITORS NOTE This is the first in a series of four weekly Big Issue stories that will examine top campaign issues through the eyes of ordinary voters. By JULIE PACE The Associated Press MURPHY, N.C. When oil topped $100 a barrel earlier this year, and gasoline prices soared above $4 a gallon, Americans cried out for relief. Some called for more offshore oil drilling. Others pushed for the develop A look at some of the positions of the presidential candidates on energy and global warming: Republican John McCain: Favors building 45 nuclear power reactors by 2030.

Proposes no federal spending to help build the plants, but use of government loan guarantees in existing law. Calls for opening Yucca Mountain for reactor waste and for reviving nuclear waste reprocessing, which was ended because of nuclear proliferation concerns. Argues nuclear power, which emits no greenhouse gases, will help deal See STANCE, A7 Todays WEATHER Classified advertising, 555-2298 Home delivery, 779-4189 Internet advertising, 9188654 Inside 30 pages In 4 sections, Volume 62, No 336 High: 62 Low: 42 5-day Forecast, A8 41 III fJ il ilihli 0) OMii ftjn YTfiulw.iaitw 1.800.954.0393 uwmrrMijriTiffflti I' i I.