When the day began in Washington, Treasury Secretary Paulson and Fed Chairman Bernanke were hopeful their massive financial rescue plan was on its way to becoming law. The House had other ideas. Steve Henn reports on what went wrong.
Yesterday's series of moves by Congress members to come up with a bailout plan turned into something of a rollercoaster ride. First there was a deal, then there wasn't, then… Steve Henn sorts it out for us.
While most of us are focused on the financial crisis, there is other business afoot in Congress — such as a $610 billion spending package the House passed today. Steve Henn reports.
Fed Chair Ben Bernanke has been saying that investments with value are going for fire sale prices. Well, Warren Buffet heard that and jumped in to buy $5 billion of stock in Goldman Sachs. Steve Henn reports.
What, exactly, would Treasury Secretary Paulson buy with that $700 billion? Originally, the plan was to buy bad mortgage debt from banks. But there's a push on to spread the wealth. Steve Henn reports.
Fed Chair Ben Bernake and Treasury Secretary Henry Paulson have begun testifying before the Senate Banking Committee about the $700 billion bailout. Steve Henn reports lawmakers are circulating three versions.
Congress is pushing back on provisions in the Bush administration's bailout plan and will question the Fed Chairman and the Treasury Secretary at a hearing today. From Washington, Steve Henn reports.
And then there were none. The last two Wall Street investment banks standing have decided to become commercial banks, with the approval of the Federal Reserve. Steve Henn has more on what that means.
Offshore drilling is likely to come to a vote in the House this week. One difference between two of the competing measures is that one gives states a share of the oil revenues; the other doesn't. Steve Henn reports.
