Prickly Congress Greets Paulson, Bernanke

Ben Bernanke and Henry Paulson implored Congress to swiftly pass a $700 billion bailout bill today, as they testified before the Senate Banking Committee. But there was an air of skepticism in the room. Chairman Chris Dodd’s introduction was noticeably prickly, and ranking Republican Richard Shelby was outright hostile, saying the plan rescued “the same financial institutions that created this crisis with their sloppy underwriting and reckless disregard for the risks.”

“I understand speed is important,” said Dodd. “But I am far more interested in whether or not we get this right. There is no second act to this.”