Bailout Negotiations Continue Main Street Weighs In

Congress and the Administration continue to negotiate a $700 billion Wall Street bail out. Talks broke down last night: Democrats blame the arrival of Republican Presidential Candidate John McCain for inserting Presidential politics in the discussions. House rank and file Republicans, with the blessing of their leadership, said they would not support the Administration's plan, or the Democrats counter proposal. Many House Republicans, ideologically opposed to government intervention, came up with their own proposal that would set up an insurance plan for people unable to pay their mortgage – the Administration quickly rejected that idea, but the Republicans gained a seat at the bargaining table. A proposal released by House and Senate leaders yesterday continues to be the basis of the negotiation. It includes a cap on executive compensation, a warrant system that would provide taxpayers money in return, assistance for foreclosure victims, and oversight of how the treasury spends money.
New York City's labor leaders, hundreds of union workers and grassroots activists held separate demonstrations yesterday – taking their gripes over the bailout right back to Wall Street. Rebecca Myles was there and files this report.

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