Wall Street, the Taxpayers' Money and Presidential Politics
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After many hours behind closed doors, congressional leaders say they have a plan, and they'll go to the White House to tell John McCain, Barack Obama and President Bush all about it. We hear about the prospects for rescuing Wall Street and reassuring the voters at the same time. Also, what's the difference between a "bailout" and an "investment?" On Reporter's Notebook, 30 ministers plan to endorse a presidential candidate this coming Sunday--during their sermons. Will the Internal Revenue Service crack down?
White House photo: Eric Draper
Public Reaction, Confusion over the Financial Plan ()
On prime-time television last night, President Bush made his strongest appeal yet for $700 billion to rescue Wall Street. He said that the government's economic experts called for immediate action to ward off "a financial panic," which could cause the stock market to "drop even more, which would reduce the value of your retirement account." With all the players gathered today at the White House, what do the American people think now? Three different polls show three different results, all depending on how the question is asked. Gary Langer is the director of polling for ABC News.
Lawmakers Announce Deal on Bailout Plan ()
The White House, the candidates and the Congress are working together on a massive commitment of public money. Saying that the entire economy is in danger, President Bush told the nation last night that the failure to act now might lead to a panic. The pressure is on as Democrats and Republicans struggle to rescue Wall Street and reassure taxpayers at the same time. This afternoon, Congressional negotiators gave no details, but after hours behind closed doors they emerged to announce they've worked out a compromise. We hear what the latest polls show about public opinion. What's the difference between a "bailout" and an "investment?" With just five weeks left until election day, should John McCain and Barack Obama debate as scheduled tomorrow night?
- Dana Milbank: National Political Reporter, Washington Post, @Milbank
- Norman Ornstein: Congressional Scholar, American Enterprise Institute, @AEI
- Michael Crowley: Senior Editor, The New Republic, @CrowleyTIME
- Jared Bernstein: Senior Economist, Economic Policy Institute, @econjared
- Raghuram Rajan: former Chief Economist, International Monetary Fund
Pastors to Protest Rules on Political Speech ()
"I have the right to speak biblical truth without being punished for it," says the Rev. Jody Hice in Bethlehem, Georgia in today's Wall Street Journal. This coming Sunday, some thirty ministers across the country are planning to endorse a candidate for president. It's a challenge to the Internal Revenue Service and laws that exempt nonprofits from taxes if they don't engage in political activity. But what if the interpretation of "biblical truth" means endorsing John McCain for President. Jesse Merriam is a research associate at the Pew Forum on Religion and Public Life.
- Jesse Merriam: Research Associate, Pew Forum on Religion and Public Life
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