After days of silence from the White House, President Bush emerged last night to tell a national television audience that his request for a $700 billion blank check for bankers was dead. Instead, the president capitulated on some of the key points that Democrats, labor and progressive groups have been demanding in any federal financial bailout, including the need for oversight, limits on executive compensation and protection for the taxpayers who will be footing the bill.
The threat to Wall Street...
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