Thursday morning headlines

Markets still weak: Last night's Senate passage of the bailout bill hasn't eased the concern on Wall Street. Not helping any is a report showing jobless claims at a 7-year high and worries about the credit crunch. After an hour, the Dow is down more than 200 points. Meanwhile, the WSJ reports that the Fed might lower interest rates.

Speaking of credit: Would you believe that California is running out of time to float $7 billion worth of short-term debt needed to pay workers and bills as early as next month? The borrowing would keep the state operating until income taxes start coming in next spring. "This isn't just a gridlock in Washington problem or a Wall Street financial problem, there are real-life impacts on local school districts, on providing healthcare for the aged and on and on," said state Treasurer Bill Lockyer. From the LAT:

California usually has little trouble getting a competitive interest rate on its short-term borrowing. The securities, known as Revenue Anticipation Notes, are tax-free for investors and backed by the full faith and credit of the state. But this year the process is expected to be much tougher, said Controller John Chiang. Getting the full $7 billion -- enough to meet all obligations through June 30, 2009 -- will be challenging, especially given the short window of time between now and the final days of October, when California is estimated to run out of cash, Chiang said.

What's Hollywood got to do with it?: Good question. Included in the Senate's version of the bailout bill is $470 million worth of tax breaks over the next decade for TV producers that shoot in the U.S. Hollywood lobbyists say that the breaks are needed to curb runaway production, which it blames for causing thousands of local job losses. (LAT)

Easing congestion: Among the ideas offered in a new Rand study are more toll lanes, more one-way streets, pricier parking, bus-only lanes and more deeply discounted transit passes. Many of these ideas, especially one-way streets, are bound to generate lots of opposition. (LAT, DN)

Billboard backlash: Specifically, electronic billboards that seem to be popping up all over town. Council President Eric Garcetti has asked the city attorney to see how L.A. can limit billboards. But the Council must first undo a 2006 settlement with the billboard companies - and negotiated by City Attorney Rocky Delgadillo - that would allow 800 existing billboards to be replaced with digital ones. From the Daily News:

"For some reason, the City Council people did not foresee how this was going to affect people in the neighborhoods," said Dennis Hathaway of the Coalition to Ban Billboard Blight, who has heard complaints of light pollution and rear-end car crashes blamed on electronic billboards. "I think there is a growing unease and a feeling of being misled," Garcetti said of the settlement. "We need to look at that and say, `Did we make mistakes?' and be adult enough to go back and correct them."

Keep 'em coming: NATO has ordered three C-17s, another indication that Boeing can keep bringing in overseas business for the program. Earlier this year, Boeing officials made plans to keep expanding its international marketing of the C-17. About 5,300 people work at the Long Beach plant, the last major airplane manufacturing line in Socal. (Press-Telegram)

SAG sidesteps strike vote: The negotiating committee of the Screen Actors Guild recommended that a strike authorization vote be taken, but it deferred to the national board for the final vote. If approved, a yes vote would be required by 75 percent of the membership to authorize a strike. From THR:

The decision to ask members for strike authorization could be a watershed for the stalled talks. If the request received approval, SAG negotiators could go back to the Alliance of Motion Picture and Television Producers armed with a solid indication of the rank and file's resolve. Should it fail, however, the union would have to choose between accepting the AMPTP's current offer or continuing trying to break the current stalemate from a decidedly weaker position.