Bailout Expands to Insurance Companies

The G7 countries have pledged to work together to stabilize troubled markets. First on their agenda will likely be actions to stabilize currencies. The move was precipitated by the sudden rise of the Japanese yen against the dollar and the euro. The strength of the yen hurts Japan because it makes their goods more expensive to buyers, which in turn decreases exports. This news sent Japanese markets into a tailspin – their stock index hit a 26-year low just as their currency hit a 13-year high. The Japanese stock index has lost half its value so far this year.

Meanwhile, the scope of the bailout in the US is expanding. It's not just for banks anymore – now insurance companies are getting a piece of the pie. Individual mortgages might be next. And experts say the auto industry is in line right behind them. Tanya Snyder reports.

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