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Bush defends bailout

Is plan for Wall Street or Main Street?

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President Bush delivered his first television address in more than a year Wednesday to defend the administration's plan to borrow up to $700 billion in order to buy troubled assets from banks and financial institutions.On Wednesday, lawmakers asked Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke to justify the administration's claims that drastic action is urgently needed to unfreeze credit markets.Paulson and Bernanke were also pressed to modify their plan to provide more help for troubled homeowners and protections for taxpayers when they testified before the House Financial Services Committee."We've all heard 'Why Paulson is wrong,' " said Rep. Deborah Pryce, R-Ohio, referring to a widely cited article by University of Chicago professor Luigi Zingales. "What we need to hear today is why Paulson is right."Zingales maintains that "the Paulson plan" will stop the financial crisis, but only by "creating a charitable instituti...