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The full text of the bill drafted in response to 2008 financial crisis was released on September 28, 2008. The bailout plan - officially called the Emergency Economic Stabilization Act of 2008 - calls for the U.S. government to buy up Wall Street's "toxic debt", the worst mortgage-related assets.Breitbart: Deal reached on financial markets bailout (September 28, 2008)
The deal includes a measure that makes the government a stakeholder in companies they bailout, allowing recovery of taxpayer money if those companies grow in the future. The bill also recommended limits on executive compensation.Market Watch: Bailout bill unveiled, heads to House(September 28, 2008)
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Fast Facts
- House of Representatives rejected Act on September 29, 2008
- Dow dropped over 680 points as deal was rejected
- Nancy Pelosi announced the deal just after midnight EST on September 28, 2008
- Provides up to $700 billion for the Secretary of the Treasury to buy mortgages and other assetsMarket Watch: Text of economic rescue bill official summary (September 28, 2008)
- Raises the American debt ceiling from $10 trillion to $11.3 trillionChicago Sun Times: Bailout bill "Emergency Economic Stabilization Act of 2008" searchable summary. (September 28, 2008)
- Handouts would be staged
- Deal authorizes $250 billion immediatelyMarket Watch: Bailout bill unveiled, heads to House(September 28, 2008)
- Temporary halt to the practice of short selling on certain financial stocksBreitbart: Deal reached on financial markets bailout (September 28, 2008)
- Provisions to help families avoid foreclosureMarket Watch: Bailout bill unveiled, heads to House(September 28, 2008)
- An oversight board will be created
- Government will sell mortgages back when market stabilizes, possibly earning a profit CNN: Bailout Tracker
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Related Pages on Mahalo
Emergency Economic Stabilization Act of 2008 | Mortgage Bailout Plan | Black Monday 2008 | 2008 Economic Stimulus Plans | Bush Tax Rebate 2008 | 2008 Recession | Subprime Mortgage Crisis | 300 Billion Dollar Mortgage Bill | High-Risk Mortgages | Subprime Mortgage Bailout | Short Selling Ban | Henry Paulson | Ben Bernanke | Bill Perkins Ad | Paul Kanjorski | Buy My Shitpile | Pelosi Bailout Speech -
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View All Bailout Bill Text Questions (1089) | Ask a QuestionBailout this, bailout that...what past company do you think could have used a bailout? (6 Answers)Probably a bunch of small businesses proportionately spread around the country to help out the problem of losing business to corporations. Places that had sentimental value, especially with loyal seniors ... read moreShould students get a bailout? (5 Answers)If you honestly look at this from a financial perspective, 6.8%-8.5% for an unsecured loan is completely reasonable. Mortgages have real estate behind them, as well as a down payment ... read moreBailout Wine, what happens if the Dow goes up? Do you have to pay more? (1 Answer)No, the article says the price remains at $39 a bottle. I think I'll stick to beer thanks. read more
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