The Bailout Battle and the Presidential Campaign
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After their first face-to-face confrontation on Friday night, John McCain and Barack Obama are both claiming credit for improving the Wall Street rescue. We hear from them. Also, Congress begins debate on the rescue plan, and a special prosecutor will investigate possible crimes by former Attorney General Alberto Gonzalez and White House officials, including Karl Rove.
Photo: Emmanuel Dunand/AFP/Getty Images
Making News
House Defeats Massive Rescue Plan ()
Although both parties were still divided today as the vote began, Republican defections sent the financial bailout bill down to defeat in the House. Tim Grieve is Congressional Bureau Chief for Politico.com.
Guests:
- Tim Grieve: Congressional Bureau Chief, Politico.com
Main Topic
The Rescue Plan and Its Possible Consequences ()
After a weekend of political drama and late-night negotiations, Congress took up the latest version of the Wall Street rescue plan. With a price tag of $700 billion, nobody said they liked it, but supporters insisted the American people would be worse off without it. Opponents said it would never work. We hear the latest about what's in the plan and why is has just filed to pass a vote in the House. After their first debate, with no knockouts and no big mistakes, John McCain and Barack Obama are both claiming they made the bailout better. We hear from them.
Guests:
- James Politi: US Economics and Trade Correspondent, Financial Times
- James Barth: former Chief Economist, Federal Home Loan Bank Board
- James Galbraith: Professor of Government and Economics, University of Texas at Austin
- Mark Barabak: Political Reporter, Los Angeles Times
- Jennifer Rubin: blogger, Commentary magazine, @JRubinBlogger
- Tom Schaller: Professor of Political Science, University of Maryland
Links:
- Politi's article on defeat of the rescue plan
- Galbraith's 'The Predator State: How Conservatives Abandoned the Free Market and Why Liberals Should Too'
- Barabak's article on candidates, debate, financial crisis
- Rubin's article on the debate, bailout
- Schaller's 'Whistling Past Dixie: How Democrats Can Win without the South'
Reporter's Notebook
Investigation into US Attorneys' Firing to Continue ()
The Justice Department's Inspector General issued a scathing report today on the political motivations for the firing of US attorneys for political reasons and the involvement of White House advisors, including Karl Rove. Although it does not recommend criminal charges, Attorney General Michael Mukasey appointed Acting US Attorney Nora Dannehy as a special prosecutor to see if criminal charges should be brought against his predecessor, Alberto Gonzales. Eric Lichtblau has followed the story from the beginning for the New York Times.
Guests:
- Eric Lichtblau: Investigative Reporter, New York Times
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