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Secretary Paulson's huge plan will require legislation. From the White House, CBS' Jim Axelrod reported a mood of "uncommon cooperation" as Congressional leaders geared up for a weekend of deliberation. ABC's George Stephanopoulos talked to several on Capitol Hill about their briefing by the Chairman of the Federal Reserve Board on the need for a bailout. Benjamin Bernanke "was especially frightening," Stephanopoulos reported. He told them that the Paulson plan "is the last wrench in the toolbox."
Jim Cramer, host of CNBC's Mad Money, was emphatic in endorsing Bernanke's analysis on NBC. "This is about avoiding Great Depression II," he asserted. "This is about going to your automated teller machine and having money still come out." ABC's David Muir consulted a panel of economists concerning the objections by many Americans about the hypocrisy of spending federal funds to bail out banks but not struggling homeowners. "No choice," they told him, "Even the strongest banks were being pulled down by rampant fear on Wall Street." Dylan Ratigan, host of CNBC's Fast Money, filed a brief explainer for NBC. He stated that the crisis originated with "the availability of cheap credit." He asked: "So who is to blame?" And answered: "In a sense we all are…If you thought you could reap the rewards of easy credit without the consequences, this is proof that you cannot."
Come off it, Ratigan! What evidence do you have that "we all" believed in rewards without consequences?
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