Tuesday, October 07, 2008

You really need to read this

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
As Paul Harvey would say, "And now for the rest of the story"