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Stock markets in Asia took a big hit Tuesday after Wall Street's 504-point drop on Monday. Most Asian markets were closed Monday for a holiday, so Tuesday was the first time investors reacted to the news of Lehman Brothers' bankruptcy and Merrill Lynch being bought by Bank of America.

The Federal Reserve said Tuesday it would lend American International Group $85 billion to help stave off a financial crisis worldwide. In return, the government gets a major stake in the company. "It's almost like French-style capitalism here in the U.S.," says David Wessel, economics editor of The Wall Street Journal.

Hurricane Ike delivered a tremendous beating to the Gulf area, but now Texas faces the biggest recovery effort in state history. The Rev. Rudy Rasmus and Univision correspondent Fernando Pizarro discuss how everyday people of Houston are dealing with the devastation of the storm.

The federal government agreed Tuesday to make an emergency loan of $85 billion to American International Group in exchange for a nearly 80 percent equity stake in the company. Why did the Federal Reserve act to save AIG and what does it mean?

Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke testified before the Senate Banking Committee Tuesday about the $700 billion rescue plan for the financial sector. They stressed that it was urgent that lawmakers pass the bill this week. Many committee members were not swayed.

Detroit Mayor Kwame Kilpatrick has agreed to step down later this month and serve 120 days in a county jail as part of a plea deal. Kilpatrick's resignation ends an almost six-month fight to stay in office amid obstruction of justice charges. Thursday night, Kilpatrick made his first public speech to Detroiters after the plea bargain.

In Pakistan, lawmakers will select the country's next president Saturday. Asif Ali Zardari is the frontrunner to succeed President Pervez Musharraf, who resigned under pressure last month. Zardari took over the Pakistan Peoples Party after his wife and former Prime Minister Benazir Bhutto was assassinated in December.

Wilmington, N.C., on Monday became the first major city to permanently switch TV broadcasts from analog to digital. Most of the country will make the transition to digital TV on Feb. 17.

Hurricane Gustav pummeled Cuba last week before the storm made landfall in the U.S. Now, Hurricane Ike is sweeping across the island, days after Cuba rejected storm aid from the U.S. Michael Voss, a Cuba-based journalist for the BBC, and NPR's Tom Gjelten, offer an update on Cuba and the political implications of the storm.

GOP vice presidential nominee Sarah Palin announces that her 17-year-old unwed daughter is five months pregnant. Political editor Ken Rudin discusses how the announcement will affect John McCain's campaign.