The architects of the Bush Administration's financial bailout got a public grilling today from the Senate Banking Committee. Senators wanted to know why they're getting less than a week to give up $700 billion in taxpayers' money. Would reckless investors get off lightly?
Would Treasury Secretary Henry Paulson have too much power? What about Congressional oversight? Why couldn't the crisis have been foreseen and prevented, and is there any assurance that the massive bailout will really work? We hear more about the questions and the answers.
Prospects for a Federal Bailout of the Financial System
Credits
Guests:
- Vikas Bajaj - Business Reporter for the New York Times
- Michael Mandel - Editor in Chief, Visible Economy
- Tom Donlan - Barron's - @barronsonline
- Christian Weller - Senior Fellow, Center for American Progress