Attempting to convince Congress of the viability of the $700B bank-bailout, Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke were met with skepticism from both parties in Tuesday’s hearing. Alabama Republican Richard Shelby called the plan “neither workable nor comprehensive,” while Democrat Chris Dodd, chairman of the Senate Banking Committee said, “It does nothing in my view to help a single family save a home.” Despite the resistance to the proposed bailout, Ben Bernanke warned of the “very serious consequences” of choosing not to enact the plan.
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