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FROM THIS EPISODE

State governments are normally safe investments during tough times.  They borrowed big in the recession of 2001, but this time around, billions of dollars might not be available for schools, local governments and police. Also, will tonight's Town Hall debate between McCain and Obama reflect the campaign attacks we've been hearing four weeks before the election?


Banner image: California Governor Arnold Schwarzenegger discusses state budget crisis

Producers:
Katie Cooper
Andrea Brody
Christian Bordal

Making News Fed Tries to Help Credit Market 6 MIN, 4 SEC

The Federal Reserve has taken its strongest action yet to unfreeze the credit markets.  Chairman Ben Bernanke, speaking to a business group in Washington this afternoon, announced "a new facility that will help provide liquidity to term funding markets by purchasing three-month commercial paper and asset-backed commercial paper directly from eligible issuers." Peter Coy is economics editor at BusinessWeek magazine.

Guests:
Peter Coy, Bloomberg BusinessWeek

Reporter's Notebook The Campaign Gets Nasty Heading into Second Debate 9 MIN, 6 SEC

Barack Obama's campaign has aired what it calls a "documentary" on John McCain's involvement in the savings and loan scandal of the 80's and 90's. McCain has unleashed Sarah Palin. What will we see and hear tonight? Michael Abramowitz, White House correspondent for the Washington Post, previews tonight's second of three debates, with NBC's Tom Brokaw moderating between the candidates and an audience of undecided voters.

Guests:
Michael Abramowitz, Staff Writer, Washington Post

Main Topic The Growing Credit Crisis 33 MIN, 34 SEC

President Bush signed the "economic rescue" into law Friday but the stock markets are declining anyway in New York and around the world. Today, the Federal Reserve said it would buy up commercial paper to get lending started again. Will taxpayers be saddled with more debt? Meantime, state governments, normally safe investments in tough times, may not be able to borrow what they need for schools, police and local governments. California, the eighth largest economy in the world, may alone come up $7 billion short. Will states be going to Washington, too? We hear more about the credit squeeze from local and global perspectives.

Guests:
Bill Lockyer, California State Treasurer
Sujit CanagaRetna, Senior Fiscal Analyst, Council of State Governments
Ron Scherer, Economics Reporter, Christian Science Monitor
Simon Johnson, former Chief Economist, International Monetary Fund

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