The cost of insuring top quality US companies against default hit a record high on Tuesday even as Hank Paulson and Ben Bernanke told Congress that their radical policy actions to ease the credit crisis were starting to bear fruit. Full Story »
Posted by Derek Hawkins
This is a rather vague accounting of differing comments by players with opposing points of view, something like a slow tennis match. The context is missing, the numbers are missing, and so is the gist--not to mention the severity--of the issue. Either it aims at an above-average-information audience that understands the missing bits, or it is a lackluster accounting of a highly heated meeting.
A more concise summary of the meeting could be framed more quickly and more succinctly by a better headline: Democrats in Congress, outraged by lack of accountability--and results--for bailout expenditures, grill Paulson and Bernanke to no avail. Meanwhile, collapse continues.
This basic update -- a replay of testimony and questions by Paulson and Bernanke in front of Congress -- is a bit disorganized. Some of the quotations aren't framed well within the article.
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