FROM Raghuram Rajan
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?
AIG's Global Reach, What's Next? Bear Stearns was bailed out , along with Freddie and Fannie , while Lehman Brothers was allowed to fail . But with a trillion dollars in assets, American International Group turns out to be big enough to threaten the global economy, moving the Federal Reserved to agree to what the New York Times calls "the most radical intervention in private business in the central bank's history." The insurance company does business all over the world, insuring cars, houses, retirement plans and companies, along with a lot of exotic financial instruments based on risky mortgages. Why does AIG qualify for $85 billion in American taxpayers' money? Will unprecedented government intervention ease the private financial crisis? Will other troubled companies be standing in line?
Who's to blame for the opioid crisis? Some of the lawyers who took on Big Tobacco are now going after Big Pharma. It’s all about the deadly epidemic of opioid use. Are the drug companies to blame? What about the users? Later, on today’s Talking Point: making sense of Britain’s upset election.
Trump plays scolder-in-chief with NATO allies At the opening of NATO’s dramatic new headquarters in Brussels today, President Trump acknowledged that Article 5 — promising that “an attack on one nation is an attack on all” -- has only been invoked one time: in the aftermath of September 11. But the President failed to provide what 27 other Alliance members have been waiting for: a re-commitment by America’s new leader to Article 5. Instead, they got a scolding.
Janesville and the American Dream Janesville, Wisconsin is the hometown of Republican House Speaker Paul Ryan. But he couldn’t prevent the closing of the General Motors factory after 100 years. On this Memorial Day rebroadcast of To the Point, we hear what’s happened to what once was a model of American middle-class unity.