To the Point
Private Risk and Public Money
President Bush wants to put up hundreds of billions of taxpayer dollars to save the financial system. He says failing to act would be riskier still. We look the possible consequences of a massive bailout in an election year. Also, New York Times columnist Tom Friedman talks about a grander vision for government spending .
By Warren Olney • • 1h 0m ListenPresident Bush wants to put up hundreds of billions of taxpayer dollars to save the financial system. He says failing to act would be riskier still. We look the possible consequences of a massive bailout in an election year. Also,New York Times columnist Tom Friedman talks about a grander vision for government spending.
President Bush stands with Federal Reserve Chairman Ben Bernanke, left, SEC Chairman Chris Cox, right, and Treasury Secretary Hank Paulson as he delivers a statement on the economy. White House photo by Joyce N. Boghosian
In this episode
3 storiesThe Wall Street Protection Bankruptcy Plan
At the White House this morning, President Bush stood with the Treasury Secretary, the head of the Federal Reserve and the Chair of the Securities and Exchange Commission. He described this " pivotal moment for America's economy " as one which had begun in the credit and subprime-mortgage markets only to "spread throughout our financial system."
Read the story6 minThe End of Capitalism?
What may become the government's biggest intervention into American business is being engineered by an administration that has championed a hands-off approach to the economy. But President Bush says the government needs to rescue the economy by buying up the bad debts of banks, Wall Street brokerages and other financial players.
Read the story33 minA Hot, Flat and Crowded World
In his latest book, Thomas Friedman talks about the need for a Green Revolution to deal with the consequences of global warming. What would be government’s role and how does it square with the massive resources now being asked to bail out the financial system?
Read the story9 min
