To realize how important the Federal Reserve's intervention was to save the investment bank Bear Stearns from collapse, you simply had to have your television on CNBC Thursday.

The financial network was live, live, live all day with a Senate Banking Committee hearing that had federal regulators explaining why they acted to keep Bear Stearns off the financial scrap heap in March.

"Normally, the market sorts out which companies survive and which fail, and that is as it should be," said Federal Reserve Chairman Ben Bernanke.

"However, the issues raised here extended well beyong the fate of one company."

Even Democrats acknowledged that the alternative was not appealing.

"I don't think this is hyperbole," said Sen. Chris Dodd (D-CT), "(it) could have been devastating, both at home and around the world."

But Senators in both parties also made it clear that they would rather not see the Fed do the same thing again anytime soon, as lamwakers signaled that they would review the need for greater federal oversight and regulations on investment banks.

Meanwhile, the Labor Department reported that the number of Americans signing up for jobless benefits went way up last week, reaching the highest level since the aftermath of Hurricane Katrina in late 2005.

That report quickly drew the attention of certain people who are looking to occupy the White House.

"Today's dismall jobless claims report is a reminder that we are in the midst of a growing economic crisis and Senator McCain has yet to answer the call of economic leadership," said Hillary Clinton in a statement.

"Today's job news is the latest indicator of how badly America needs fundamental change from Bush-McCain policies that have been devastating for working families and catastrophic for our economy," added Barack Obama in his own missive.

(Notice anything from that?  The Democrats aren't focusing on each other these days, even as they battle for the nomination.  They are taking shots much more at John McCain.)

"I know economics very well, certainly better than Senator Clinton and Senator Obama," McCain jabbed back on MSNBC. 

All three of the Presidential hopefuls missed the first Senate votes on Thursday on a home mortgage foreclosure bill that's now on the floor.  Work on that bill will spill into next week.