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1. Treasury¹ Secretary Henry Paulson is warning against isolationism and protectionism in the midst of the world financial crisis. He spoke² at a meeting of the World Bank's policy-setting committee in Washington on how to deal with the meltdown.

2. European leaders are talking about temporarily guaranteeing future debts among private banks as a way to unlock the frozen credit markets. Under the plan, governments will guarantee new interbank loans for five years.

3. Firefighters backed by water-dumping helicopters and planes are gaining ground on a wildfire in Angeles National Forest that has forced the evacuation of about 1,200 people north of downtown Los Angeles. At least two homes have been destroyed.

4. There is a new number one in college football. Texas takes the top spot, after upsetting previous number one Oklahoma Saturday. Alabama remains³ number two while Penn State moves up to third.

WORDS IN THE NEWS

1. in the midst of:

if you are in the midst of an event or situation, it is happening around you.

2. meltdown: n.

a situation in which prices fall by a very large amount or an industry or economic situation becomes much weaker.