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Emergency Economic Stabilization Act of 2008
commonly referred to as a bailout of the U.S. financial system, is legislation authorizing the United States Secretary of the Treasury to spend up to US$700 billion to purchase distressed assets, especially mortgage-backed securities, from the nation's banks. The Act was proposed by U.S. President George W. Bush and Treasury Secretary Henry Paulson during the liquidity crisis of September 20
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As Paul Harvey would say, "And now for the rest of the story"