Expense, Effect, How It Passed
President George W. Bush finalized the $700 billion bank bailout bill on 3, 2008 october. The formal title had been the crisis Economic Stabilization Act of 2008.
Treasury Secretary Henry Paulson had expected Congress to accept a $700 billion bailout to purchase mortgage-backed securities that had been vulnerable to defaulting. In that way, Paulson desired to just just simply take these debts from the written publications for the banking institutions, hedge funds, and retirement funds that held them. Read more