Massive government intervention is needed to stave off economic catastrophe, Bush says.

President Bush readied a prime-time speech in a push to persuade resistant lawmakers to back his proposal to stave off a deepening economic crisis.
Treasury Secretary Henry Paulson agreed to demands from critics in both parties to limit the pay packages of Wall Street executives whose companies would benefit from the proposed bailout.
“The American people are angry about executive compensation and rightfully so,” Paulson told the House Financial Services Committee. “We must find a way to address this in the legislation without undermining the effectiveness of the program.” .More.


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