WNYC - Financial Rescue Plan: Bailout or Investment?

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WNYC - Financial Rescue Plan: Bailout or Investment?

The Bush administration is searching for a new way to sell its financial rescue plan after acknowledging some blunders and missteps in presenting it the first time around. One big change: insist it's not a Wall Street "bailout."

The focus has switched away from financial institutions, to everyday Americans. And it's not an expenditure of taxpayer money; it's an "investment."

Speaking on Fox News, Queens Congressman Gregory Meeks says a lot of House members felt a lot of pressure from constituents to vote down the rescue plan, but Congress could've done more to communicate the extent of the financial crisis.

MEEKS: You know, a lot of people just think that this is just about a bailout of Wall Street and that it has no connection to Main Street, when there is a definite connection to Wall Street in Main Street, and we did not adequately explain that and I think that is the job that we have to do now.

REPORTER: All was not lost yesterday. The Dow gained more than 400 points after Monday's historic plunge of almost 800 points.

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