Marketplace for Monday, Sept. 22, 2008
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The $700 billion bailout plan proposed by Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke is now in the hands of Congress. Maya MacGuineas of the Committee for a Responsible Federal Budget tells Kai Ryssdal she expects the bill to gain in size.
Where's the government going to come up with $700 billion to buy all the bad assets from banks? It'll borrow it, mostly by selling short-term Treasury bonds. But there could be some long-term consequences for the economy. John Dimsdale reports.
Treasury Secretary Paulson wants the bailout to be open to all banks with "significant" operations in the United States. That could mean American taxpayers may wind up bailing out more foreign banks than American ones. Stephen Beard reports.