Economists say in petition that White House hyped need for $700 billion bailout

Nobel Prize winners send anti-bailout petition to Pelosi, Byrd; Obama urges McCain to join the debate; PETA advocates the use of human milk in ice cream.

Almost 200 university-based economists and three Nobel Prize winners have opposed the Bush administration's plan to stabilize the flailing economy, sending a petition to Speaker of the House Nancy Pelosi and Senate President Pro Tempore Robert Byrd contesting the strategy.

The two professors organizing the initiative, which does not advocate an alternative, told ABC 7 Chicago, that they believe the Bush administration is hyping the economic problems.

Organizer and University of Chicago finance professor John Cochrane told the station that the public needs more proof of impending economic disaster. "Where is the huge smoking gun, the horrible thing about to happen," he said. "Perhaps, they know something they're not telling us, but before you go nuclear, I think we need to know if there's something bad out there."

The petition, also presented to the president and other officials by Sen. Richard Shelby (R-AL) during yesterday's closed door White House meetings, said "they'll probably not welcome it again."

Also:

Sen. Barack Obama (D-IL) again urges Sen. John McCain (R-AZ) to step up for the presidential debate slated for September 26.

People for the Ethical Treatment of Animals employs a gross out PR tactic by suggesting that Ben & Jerry's Homemade Ice Cream should use breast milk, because it's "no more absurd" than milking cows.

McDonald's statements favoring Chicago for the 2016 Olympics create controversy, due to a precedent of neutrality among sponsors.

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