Congress reconsidered what's now called the "economic rescue" plan amid dismal news about employment and California's need for a big federal loan. Today the bailout passed by 263 to 171. Saying that passage of the bill won't get us out of the recession, Republican leader John Boehner admitted that "it'll be a whole lot rougher ride if we don't pass this bill." Democrat Nancy Pelosi, the House Speaker, acknowledged that in "my own state of California, officials -- including the governor -- are urgently calling for federal legislation to avoid economic catastrophe." Will the bill resolve the credit crisis? Will taxpayers make money on a $700 billion investment? We ask those questions today.
Bailout Bill Goes to the White House
Richard Rubin - Wall Street Journal - @RichardRubinDC, Steven Davidoff - Professor, Connecticut School of Law, Robert Reich - professor of Public Policy at the University of California Berkeley, former labor secretary under Bill Clinton - @RBReich