Opposition To Bailout Spans Political Spectrum
The House is expected to vote Monday on a $700 billion rescue bill for Wall Street. President Bush endorsed the plan and praised Congress for bipartisan cooperation, but opposition to the massive bailout remains widespread.
Guests:
Robert Kuttner, co-founder and co-editor of The American Prospect, columnist for BusinessWeek and the Boston Globe, author of Obama's Challenge: America's Economic Crisis and the Power of a Transformative Presidency and "Should Congress Pass the Paulson-Pelosi Package?" in The American Prospect.
Nicole Gelinas, contributing editor for City Journal, Searle Freedom Trust Fellow at the Manhattan Institute, author of "Five Questions about the Bailout" in City Journal
Lawrence Summers, professor at the Harvard Kennedy School of Government, Treasury Secretary from 1999 to 2001, author of "A Bailout Is Just a Start."
Obama's Challenge
America's Economic Crisis and the Power of a Transformative Presidency
Bush Urges Quick Passage Of Revised Bailout Plan
The Proposed Legislation
President Bush on Monday praised congressional leaders for their bipartisan cooperation on crafting a revised $700 billion bank rescue plan and said he is confident the bill will help stabilize the nation's ailing economy.
In an early morning address at the White House, the president urged Congress to pass the plan quickly to "keep the crisis in our financial industry from spreading." The House is expected to vote Monday. If the bill passes the House, action by the Senate is expected by midweek.
"With this strong and decisive legislation, we will help re-start the flow of credit so American families can meet their daily needs and American businesses can make purchases, ship goods and meet their payrolls," the president said in the brief statement.
Earlier Monday morning, Sen. Christopher Dodd, the chairman of the Senate Banking Committee, also urged passage of the compromise financial industry bailout plan, saying Congress has no choice but to act now to steady the shaky economy.
The Connecticut Democrat said that if Congress doesn't move now, the problems in the financial industry could spread across the country.
New Hampshire Sen. Judd Gregg, who represented Republicans in the negotiations over the weekend, called the legislation a "tourniquet."