The self-styled financial capital of the world, New York City (not actually accurate, London still has the largest trading capital of any market worldwide) temporarily handed over the title to Washington DC where the Treasury's Paulson and the Fed's Bernanke are addressing a special Senate hearing on their Bailout proposal. 

As always, when economics and politics collide, cable news channels and news networks worldwide end up covering very different story's than what they normally expect, with the business networks covering politics and news networks covering business in detail.

CNBC & Fox Business Network are both broadcasting from positions on Capitol Hill and spending a great deal of time discussing the intricate detail of what is being debated in the Senate.

CNN, MSNBC and Fox News are also covering the hearing, but from a more political aspect moreso than an economic one.

CNBC's Erin Burnett is in Washington DC anchoring Squawk on the Street, and Street Signs from inside the Capitol building, as well as providing live reports and insight throughout the day.

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