Saturday, October 04, 2008

Bush signs bailout into law

President Bush has signed the bailout into law:
After two weeks of contentious and often emotional debate, the federal government's far-reaching and historic plan to bail out the nation's financial system was signed into law by President Bush on Friday afternoon.

"By coming together on this legislation, we have acted boldly to prevent the crisis on Wall Street from becoming a crisis in communities across our country," Bush said less than an hour after the House voted 263 to 171 to pass the bill. ...

The law, which allows the Treasury Secretary to purchase as much as $700 billion in troubled assets in a bid to kick-start lending, ushers in one of the most far-reaching interventions in the economy since the Great Depression.

Federal Reserve Chairman Ben Bernanke said he welcomed the news. "The legislation is a critical step toward stabilizing our financial markets and ensuring an uninterrupted flow of credit to households and businesses," he said.

Treasury Secretary Henry Paulson said he would act swiftly but "methodically" to carry out the plan.
CNN Money has an introduction to the key provisions of the bailout in an article titled, Bailout 101.

1 comment:

  1. Problem: Too much credit has been extended to American's which has caused a crisis on Wall Street. Solution: Get the American Tax Payer to borrow $700 billion dollars to bail out wall street in order to make credit more readily available.