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Economy: Relief Plan / Consumer and Credit #912682

CBS Evening News for Tuesday, Nov 25, 2008
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(Studio: Russ Mitchell) The bigger debt relief plan introduced; Commerce Department GDP figures cited.

(Washington: Wyatt Andrews) The administration's tackling of the two-fold problem of consumer spending and consumer credit examined; details given of billions for buying up mortgage debt, buying up consumer credit for loans and how the consumer credit system is frozen. [Two WOMEN - comment.] [Treasury Secretary Henry PAULSON - comments on the weakened economy.] [Securities Industry and Financial Markets Assn. Timothy RYAN†- calls it an excellent step that will increase investments in securities.] [Senator Charles SCHUMER - backs pumping money to the consumer.] Paulson's shift to a third plan for using bailout money reviewed.

(Studio: Russ Mitchell) The drop in consumer credit noted.

(Studio: Kelly Wallace) The stalled sales due to the credit crunch featured; details given about car loans and real estate sales and the drop in mortgage rates. [Nemet Auto Group manager Scott PERLSTEIN†- comments on the need for money to reach Main Street.] [Real estate agent Janet DePALMA†- comments on low sales.] [Credit.com advisor Gerri DETWEILER†- cites the difficulty in borrowing; indicates we borrowed ourselves into a corner.]

Reporter(s):
Mitchell, Russ;
Andrews, Wyatt;
Wallace, Kelly
Duration:
00:05:10

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