Now there are bailout plans aplenty

Sen. Christopher Dodd (D-CT) speaks to the media after a bipartisan meeting to discuss the Bush Administration's $700 billion bailout plan for the nation's financial crisis as Sen. Charles Schumer (D-NY) listens.

TEXT OF STORY

Stacey Vanek-Smith: Aristotle once said man is, by nature, a political animal, and that's become very apparent this morning. White House talks have reportedly broken down between Democratic and Republican leaders. They had come together yesterday in the hopes of hammering out a $700 billion economic bailout for financial markets. Marketplace continues its coverage of the financial crisis with our very own Steve Henn who walks us through yesterday's wild ride.


Steve Henn: 1 p.m. eastern -- it looks like a deal. Then a House Republican leader began circulating a dramatically different set of ideas. The Republican plan is floated by Congressman Eric Cantor a close ally of John McCain.

Eric Cantor: It is a plan that allows for the taxpayers who did nothing wrong to be able to continue to look to their retirements, to look to their college savings plan without having to pay this tremendous price to affect this recovery.

This plan offers federal insurance to private corporations that agreed to buy up bad debt.

4 p.m. -- House Republican leaders spring this proposal at the White House. Consensus on the bailout fall apart. Chaos ensues.

Shortly after 5 p.m.-- Treasury Secretary Henry Paulson begs Speaker Nancy Pelosi to press ahead on bended knee.

6 p.m. Congressional Leaders hit the cable talk show to call each other names.

In Washington, I'm Steve Henn for Marketplace.

About the author

Steve Henn was Marketplace’s technology and innovation reporter for the entire portfolio of Marketplace programs until December 2011.

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