Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson spent two days making their case to Congress for the huge bailout. Marketplace host Kai Ryssdal gave his trademark take on how the process unfolded.
Ryssdall: They convinced the country that there was no other alternative and congress doesn't have the ability to back down off of that. And the debate is now 700 billion dollars or apocalypse.
Congress has been skeptical. Ohio congressman Steve LaTourette said he won't vote for the bill - because it quote "reeks". And callers to the Sound of Ideas were similarly incensed.
Caller: Why would we trust a group of individuals on Wall street who have obviously proven they're incapable of handling our money responsibly?
As to where the 700 billion dollar came from, Ryssdal poses one theory.
Ryssdall: A Treasury official basically said, "We made it up. We just wanted it to be a really, really, big number. Better to overshoot than undershoot. Seven -hundred billion dollars, yeah."
But even if the average American isn't buying it, Wall Streetinvestors are. The Dow Jones opened on a upswing this morning and has peaked at a gain of just over 300 points this afternoon. Ryssdal is in town for a sold-out event this evening at the ideacenter at Playhouse Square.
Gretchen Cuda, 90.3.