To the Point
Wall Street, Main Street and Government Intervention
Populist anger from both the Left and the Right had a lot to do with the Wall Street rescue's failure in Congress. Both presidential candidates say they know it's unpopular, but they agree that it's time for action. We hear arguments for and against intervention now. Also, a big surprise for pirates on the high seas off Somalia.
By Warren Olney • • 1h 0m ListenPopulist anger from both the Left and the Right had a lot to do with the Wall Street rescue's failure in Congress. Both presidential candidates say they know it's unpopular, but they agree that it's time for action. We hear arguments for and against intervention now. Also, Somali pirates, surprised when they seized a ship loaded with heavy weapons, are now surrounded by the US Navy. Can they strike a bargain?
Banner image: Senator Christopher Dodd (D-CT) talks to reporters on Capitol Hill. Photo by Alex Wong/Getty Images
In this episode
3 storiesA Brief Lull in the Financial Storm?
Yesterday's vote in Congress repudiated leaders of both parties, but it was President Bush's plan that went down to defeat with a majority of Republicans voting now.
Read the story6 minThe Bailout That Wasn't and What Might Be Next
The Wall Street rescue would have cost $700 billion taxpayer dollars. Its failure in Congress cost $1.2 trillion in private investment in just one day. President Bush warns that millions of Americans face " the real prospect of financial hardship " if the government doesn't take action. More important than stocks is the tightening of credit.
Read the story35 minAhoy, Ye Pirates! Get Off That Ukrainian Freighter!
Piracy in waters off the horn of Africa originally was a response to illegal fishing. Since the collapse of government in Somalia, it's become big business. Now, some pirates have seized more than they may be able to bargain for, a Ukrainian ship full of tanks and other heavy weapons.
Read the story8 min
