The Wall Street rescue failed in the House. Now the Senate will take up a similar bill tonight, with support from John McCain, Barack Obama and Joe Biden. Some advocates are saying the pros and cons of specific provisions are not what matters. The real issue is restoration of confidence in the financial system. Meantime, banks are in trouble in Britain, France, Belgium, the Netherlands—Ireland and Iceland, and leaders are saying the US has a special responsibility to act and act now. Would foreign banks get part of the bailout money? What about countries which buy American debt, including Russia and China? Is America's financial leadership what's really at stake?
The Global Consequences of America's Financial Crisis
Gail Russell Chaddock - Christian Science Monitor - @RussellChaddock, Anil Kashyap - Professor of Economics and Finance, University of Chicago , John Authers - Investment Editor, Financial Times - @johnauthers, Brad Setser - Fellow for Geoeconomics, Council on Foreign Relations, Simon Johnson - Massachusetts Institute of Technology - @baselinescene