Job Claims Hit 42-Year High; Dodd’s Vengeance; Durable Goods Orders Slowing Slide; 3Com Profit Down but Stock Up; Amazon Profit Up 9%; Crude Prices Down as Inventories Build; Kodak Paints Unflattering Picture

Last Thursday, Fed Chairman Ben Bernanke went before the Senate Banking Committee and defended the decision to bailout Bear Stearns. Banking Committee members wanted to know if it was done to protect the financial system or if it was a bailout at the taxpayers’ expense.