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- 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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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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Bailout Bill Text Questions
Bailout this, bailout that...what past company do you think could have used a bailout? 6 AnswersProbably a bunch of small businesses proportionately spread around the country to help out the problem of losing business to corporations. Places that had senti... read more
Should students get a bailout? 5 AnswersIf 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... read more
Bailout Wine, what happens if the Dow goes up? Do you have to pay more? 1 AnswerNo, the article says the price remains at $39 a bottle. I think I'll stick to beer thanks. read more
view more questions...
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