“The U.S. Treasury Secretary and members of Congress locked horns on Tuesday over a $700 billion financial bailout fund, with lawmakers demanding money to stem foreclosures and Henry Paulson arguing it was meant for investing in financial companies. At the beginning of a House of Representatives Financial Services Committee hearing where he faced a grilling over his handling of the program, Paulson insisted that injecting capital into banks was the most effective way to restore confidence and stabilize the financial system. Federal Deposit Insurance Corp Chairman Sheila Bair, however, told lawmakers it was ‘essential’ Treasury offer loan guarantees and credit help to slow home foreclosures under the bailout approved by Congress last month.” (11/18/08)