Posted Monday, September 29, 2008
Congressional leaders and the President are onboard for a bailout of Wall Street but will the House go along? The $700 billion plan finalized over the weekend is set for a vote today. It includes less money for the government to buy bad mortgages, at least initially; it contains restrictions on "golden parachutes" for executives and higher taxes for failing corporations who pay their top executives more than $500,000 a year; the Treasury will be in charge of the plan but with a bipartisan congressional commission looking over its shoulder. Still the deal faces opposition from some House Republicans and some Democrats who say the free market should not be propped up by taxpayers. Two economists from NE Ohio will help us decipher the deal and explain what it means for Main Street and ordinary Americans who are now being asked to foot the bill of the worst U.S. financial disaster since the Great Depression. Join the conversation - on The Sound of Ideas®.
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