Days of decision for the U.S. Congress. The House today. The Senate soon. In the balance, the U.S. economy: accountability for its past, and the shape of its future.
On Capitol Hill, shouting and table thumping. “Financial crimes have been committed,” roared one Democrat. “Now Congress is being asked to bail out the culprits.”
We’re snuffing out the free-market system, warned a Republican.
And the economy teeters and waits. In the debris and details and debate, a new era is taking shape. This may be about the American Way of Capitalism.
This hour, On Point: What emerges from the great financial meltdown of 2008.
You can join the conversation. What do you want to emerge from this meltdown and response? What’s the change we need from Washington? From Wall Street?
Sudeep Reddy, reporter for The Wall Street Journal and a lead writer for WSJ.com’s Real Time Economics blog. He’s been watching the negotiations over the bailout package closely.
Gretchen Morgenson, business columnist for The New York Times.
Jeffrey Frankel, professor of capital formation and growth at Harvard’s Kennedy School of Government. He directs the Program in International Finance and Macroeconomics at the National Bureau of Economic Research and was a member of the Council of Economic Advisers under President Bill Clinton. He’s the author of “American Economic Policy in the 1990s.”