Preview: Palin On Bailout Plan

CBS

Transcript

if this doesn't pass do you think there's a risk of another Great Depression unfortunately that is the road that America may find itself on not necessarily this as it's been proposed has to pass or we're going to find ourselves in another great depression but there has got to be action taken bipartisan effort um congress not pointing fingers at this point at at one another but um finding the solution to this uh taking action and being serious about the reforms on Wall Street that are needed

Bernanke urges $700B bailout; home resales fall in August

CBS

Transcript

the head of the Federal Reserve warns the US economy could grind to a virtual halt during his second day of questioning fed chairman Ben banki urged Congress to approve the $700 billion plan to buy up Bad Mortgages from troubled Banks banki says if credit Wes persist the economy could shrink more jobs will be lost and home foreclosures would rise even more lawmakers say they hope to pass the rescue plan by the end of the week but both parties are demanding changes one major sticking point has already been resolved the Bush Administration has agreed to limit salaries for executives whose companies get a piece of the bailout the news didn't really move the markets the Dow Jones Industrial Average lost 29 Points while the NASDAQ finished up a couple of points mortgages and housing are at the heart of the current crisis and home resales fell in August the National Association of Realtors says sales Dro just over 2% there are now more than 4 million homes on the market and trying to keep from becoming another banking casualty Goldman Sachs is offering the public $5 billion in stock as part of the plan Goldman is also selling at least $5 billion of stock to famed investor Warren Buffett that's your money watch click on cbsnews.com for more business headlines on Wall Street I'm Alexis christopherus