Markets Slide as Wall Street Staggers

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The brokerage firm Bear Stearns got a bailout earlier this year.  The federal government also agreed to prop up Fannie Mae and Freddie Mack.  But over the weekend, Treasury Secretary Paulson drew the line when it came to Lehman Brothers, which has now declared bankruptcy.  Merrill Lynch has sold itself off. AIG, America's biggest insurance company, could be next. Stock prices are plunging. From Wall Street to Washington to the presidential campaign trail there is talk of America's worst financial crisis since the Great Depression. President Bush says he's working to minimize the disruption. McCain and Palin promise reform. Obama and Biden insist it's time to change parties. We look at the reshaping of both the financial world order and the race for the White House.   




Warren Olney