Today, facing the sound defeat of his Wall Street bailout plan and a historic single-day drop in the markets, President Bush and his advisors will have to go back to the drawing board. In the confusion and flying accusations just five weeks from elections, the House of Representatives rejected the $700 billion plan 228 to 205, with over 100 House Republicans voting against Bush's personal plea.

Yesterday, the stock market was tumbling even before the House failed to pass $700 billion dollar bailout legislation for the country's financial institutions. The failure to pass the bill created an even rougher ride on Wall Street.

Ten northeastern states have formed a coalition to check global warming. David Biello, an associate editor at Scientific American, explains the cap-and-trade greenhouse gas reduction program.

On Sunday, the White House and Congressional leaders agreed to the fine print of a $700 billion government bailout. They even posted the bill online not long before it was voted on. Does this qualify as transparency?

Treasury Secretary Henry Paulson came into office two years ago (after tenure as CEO of Goldman Sachs) with an ambitious plan to remake the U.S. economy and tackle thorny problems like privatizing Social Security. Instead, he's become the Bush administration's point man and chief spokesman on a series of historic government interventions in the economy — including yesterday's failed $700 billion dollar bailout proposal for Wall Street.

Yesterday, the Dow Jones industrial average dropped 778 points after a federal bailout package failed in the House of Representatives. As market futures waver this next morning and Congress returns to the drawing board, the Federal Reserve and Treasury have some options for the economy.

Guest: Jeffrey Miron, senior lecturer, Department of Economics, Harvard University

Republicans have long been successful at courting evangelical voters. Lisa Sharon Harper, evangelical leader and author, explains how politicians use language to appeal to evangelicals. History, race and language have all played a role in mobilizing one of the most influential voting groups in the country.

When Hurricane Ike tore through the Texas Gulf coast, the region’s 160,000 Vietnamese Americans knew where to turn for information. For four days, Radio Saigon Houston struggled to stay on air despite power outages, keeping Vietnamese-Americans from Galveston to Houston informed. When the storm was over, the station was deluged by calls from listeners in the tiny town of San Leon who did not know where to turn for help.

Chinese state media report that police arrested 22 people accused of involvement in a network that produced, sold and added the industrial chemical melamine to milk. BBC Correspondent Vaudine England joins The Takeaway from Hong Kong, where British chocolate manufacturers have recalled some China-made products.

Guest: Chrystia Freeland, Financial Times reporter

Guest: U.S. Representative Christopher Shays, R-Conn., who voted for the bailout bill

Guest: David Herszenhorn, New York Times reporter

Guest: Richard Wolffe, Newsweek senior White House correspondent

Guest: Gretchen Morgenson, the New York Times