THE FINANCIAL CRISIS HAS BEEN THE TOP NEWS STORY OF THIS PAST MONTH, AS WALL STREET BROKERAGE FIRMS WERE FALLING INTO BANKRUPCY. THE FEDERAL GOVERNMENT HAD TO RESCUE THE MORTGAGE BANK POWERHOUSES OF FREDDY MAC AND FANNIE MAE FROM INSOLVENCY AND BOUGHT AN 80% SHARE OF INSURANCE GIANT A.I.G.FOR $85 BILLON, TO STAVE OFF ITS IMMINENT COLLAPSE.
AS THE BUSH ADMINISTRATION WAS HASTILY SENDING A $700 BILLION BILL TO CONGRESS TO BAIL OUT THE BANKING INDUSTRY, WASHINGTON MUTUAL CLOSED ITS DOORS AND RUMORS STARTED SPREADING THAT OTHER LARGE BANKS WOULD SOON FOLLOW.
ON MONDAY, THE STOCK MARKET PLUNGED NEARLY 800 POINTS BUT, IN A BIG SURPRISE, CONGRESS, LED BY DISSENTING REPUBLICANS, NARROWLY REJECTED THE PROPOSED BAIL OUT.
THE POLITICAL MACHINES WENT TO WORK.
ON WEDNESDAY, THE SENATE APPROVED A SLIGHTLY MODIFIED BILL AND ON THURSDAY MORNING, AS THE BILL WAS BACK ON THE HOUSE FLOOR, A CROWD OF PROTESTERS FORMED IN FRONT OF THE WASHINGTON CAPITOL. WBAI FRED NGUYEN WAS THERE AND HE FILED THIS REPORT:
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