Sep 26, 2008 7:16 pm US/Eastern
CBS4 Your Money: A Week Of Bailing Out Wall St.
U.S. Debt May Grow $1-Trillion On Federal Government Rescue Of Financial Community
MIAMI (CBS4) ―
-
-
Traders work on the floor of the New York Stock Exchange.
Spencer Platt/Getty Images
President Bush and congressional leaders from both parties are confident a plan will pass despite political wrangling that threw the $700-billion bailout plan into disarray.
It all began on Monday, as investors reacted to the government bail-out plan with a big sell off and the price of oil spiked $25 in a day.
On Tuesday, the senate held hearings on the bail-out plan as both sides of the aisle grilled Federal Chairman Ben Bernanke and Treasury Secretary Henry Paulson.
On Wednesday, investor Warren Buffet came to the rescue of troubled investment bank Goldman Sachs with $5-billion in cash. Later that evening, Pres. Bush went on national television to make his case for the bail-out plan to the public.
On Thursday, stocks soared on news that Congress and the Administration had a deal on the bail-out plan, but the deal came undone after the close of business hours on Wall Street.
By the end of the week, Americans woke up to learn of the largest banking failure in U.S. history when Washington Mutual was seized by federal regulators, and JP Morgan Chase bought its depositor assets.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
What You Need To Know About H1N1
Zoo Babies: Cuteness Unleashed
Click to enlarge
Stumble It!
Reporting
