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Tuesday, September 30, 2008

  • "Bridge Loan to Nowhere": Public Outcry Forces House to Reject $700 Billion Bailout of Financial Industry; Dow Falls Record 777 Points

    Bailoutrejectedweb

    On Monday, the House voted 228-to-205 against authorizing the largest government intervention in the financial market in US history. The measure would have granted the Treasury unprecedented authority and up to $700 billion to relieve faltering banks and other firms of bad assets backed by home mortgages, which are falling into foreclosure at record rates. As the economic crisis worsens and spreads across the globe, we speak with Robert Johnson, former chief economist of the Senate Banking Committee, and Bruce Marks, the founder and CEO of NACA, the Neighborhood Assistance Corporation of America. [includes rush transcript]