Now there are bailout plans aplenty
Share Now on:
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.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.