Bloomberg: Congress Must Approve Bailout

Mayor Bloombergr says Congress has to approve a bailout of the financial industry. The alternative, he says, would be "inconceivable."

Asked about the issue today on his weekly radio show, Mr. Bloomberg envisioned a scenario in which "the world is shutting down. You would literally have the banks closing their doors."

Adds the businessman-turned-politician: "If you work in the automobile business ... nobody's going to buy a car if they can't finance it. Your kid's not going to be able to have a college education. You can't close down society."

This morning, a stalemate continued on a proposed $700 billion bailout package, which President Bush and Treasury Secretary Paulson insist is urgently needed.