FROM Christian Weller
Prospects for a Federal Bailout of the Financial System The architects of the Bush Administration's financial bailout got a public grilling today from the Senate Banking Committee. Senators wanted to know why they're getting less than a week to give up $700 billion in taxpayers' money. Would reckless investors get off lightly? Would Treasury Secretary Henry Paulson have too much power? What about Congressional oversight? Why couldn't the crisis have been foreseen and prevented, and is there any assurance that the massive bailout will really work? We hear more about the questions and the answers.
Our Ever Rising Gas Prices Oil prices are very much on the rise, but gasoline has not yet caught up. When it does, $4 a gallon may sound like the good old days. President Bush says there's no "magic wand" for the government, but the candidates to replace him have other ideas. John McCain and Hillary Clinton want a summer holiday on the federal gasoline tax. Barack Obama calls that a "gimmick" that could make matters worse. We look at their different proposals. Should gasoline taxes actually be higher to encourage conservation, something they all support? Is this the just beginning of "painful adjustments" to new, global realities?
New Report Details the Pain Rising Gas Prices Are Inflicting What’s the “tipping point” for gasoline prices—the amount that will cause drivers to really cut back on using the car? A Washington Post-ABC News poll says is $4.38 cents a gallon in most of the country and $5.12 in the west, where prices are higher.
Trump's 'America First' goes missing abroad In the Middle East, President Trump is changing some policies of the Obama Administration—and reversing his own campaign attacks on Islam as a religion that "hates us." We hear about his visit to Saudi Arabia and what's at stake for the rest of his foreign excursion.
Ex-FBI Director Comey tells his side of the story Today, former FBI Director James Comey came close to calling the President who fired him a liar. The White House denied the claim and called it insulting, but Republican Senators did not challenge Comey’s truthfulness. Many questions remain: did the President try to obstruct a federal investigation? Later, we’ll go behind the “velvet rope” for a look at 5-Star health care for the richest Americans.