On the Proposed $700 Billion Bailout of Wall Street, the Largest Government Bailout of Private Industry in US History
It’s being described as the largest government intervention in private markets since the Great Depression. The Bush administration has asked Congress to swiftly approve a massive $700 billion package to rescue the crippled financial institutions on Wall Street. Some analysts say the final cost to taxpayers could top one trillion dollars. Over the weekend, the size of the proposed bailout grew as the Bush administration said foreign banks, including Barclays and UBS, should be eligible for the bailout.
Guests:
Sen. Bernie Sanders, independent senator from Vermont. He was elected to the Senate in 2006 after serving sixteen years in the House. He is the longest-serving independent member of Congress in American history.
Dean Baker, Economist and co-director of the Washington, D.C.-based Center for Economic and Policy Research. He is a frequent commentator and columnist, and his blog is called Beat the Press. He is the author of several books including The United States Since 1980 and The Conservative Nanny State: How the Wealthy Use the Government to Stay Rich and Get Richer.
Robert Scheer, veteran journalist, syndicated columnist at the San Francisco Chronicle, and editor of the political website, Truthdig. He is the author of several books, most recently, The Pornography of Power: How Defense Hawks Hijacked 9/11 and Weakened America.