Fallout: The Financial Crisis

President Obama thinks the masters of the financial universe lack humility. That may or may not be the case, but observers say few Wall Streeters will ever show remorse. It's not how the game is played. Jeremy Hobson reports.

California lawmakers have reached a tentative agreement on the state budget with colossal cuts to school programs and children's medical care. Lots of smaller programs and services would also get the axe. Jeff Tyler reports.

Federal Reserve Chairman Ben Bernake claims he has a strategy to keep inflation under control as recovery from the recession takes hold. John Dimsdale reports.

Testifying today before Congress on Capitol Hill, Fed Chairman Ben Bernanke said he expects a gradual recovery beginning in 2010, but unemployment will continue to be a problem for a couple more years. Amy Scott reports.

Companies that made millions in subprime loans are now selling loan modifications to some of the same borrowers, who are now at risk of losing their homes. Kai Ryssdal talks with The New York Times' Peter S. Goodman about how the brokers are doing business.

With commercial real-estate loans failing at an alarming rate, financial firms are creating real-estate investment trusts, or REITs, to buy the mortgages at deep discounts. Jeff Tyler reports.

U.S. Treasury Secretary Timothy Geithner is working to lessen the federal deficit by selling U.S. bonds to foreign investors. But he's finding it difficult to ease those skeptical of investing in the U.S. John Dimsdale reports.

The federal government played hardball by refusing to grant CIT a bailout, leaving it to the bank's bondholders to save it from bankruptcy. The move hints that the bailout spending spree may be winding down. Tamara Keith reports.

With the costs of four-year colleges rising and laid-off workers needing to learn new skills, enrollment at community colleges is way up. But the two-year schools are struggling to meet the demand in the face of budget cuts. Tamara Keith reports.