The House is set to vote today on a $700 billion emergency bailout plan for the financial industry. The proposed legislation was forged during a marathon negotiating session over the weekend between lawmakers from both parties and Treasury Secretary Henry Paulson. The 110-page bill would authorize Paulson to initiate what is likely to become the biggest government bailout in US history, allowing him to spend up to $700 billion to relieve faltering banks and other firms of bad assets backed by home mortgages, which are falling into foreclosure at record rates.Howie P.S.: The Kucinich interview starts after the daily news roundup. If you stay tuned afterwards, there are two more good stories: 1)"FDR in 1933: There Must Be A Strict Supervision Of All Banking and Credits and Investments" with the NY Times' Adam Cohen and 2)"Senators John McCain and Barack Obama Debate Iraq, Pakistan, Russia During First Debate" with The Nation's Robert Dreyfuss.
Monday, September 29, 2008
Democracy Now: "“Is This the United States Congress or the Board of Directors of Goldman Sachs?” Rep. Dennis Kucinich Rejects $700 Billion Bailout"
Democracy Now (with audio and video):