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It’s A Deal! Your Tax Dollars Fund Wall Street Bailout

George W. Bush

Charles Dharapak/AP by Alex Johnson of MSNBC

President Bush signs the Emergency Economic Stabilization Act of 2008 in the Oval Office after the House passed the financial bailout bill Friday.

Pelosi: Bill brings order to chaos

Oct. 10: House Democratic leaders Nancy Pelosi and Steny Hoyer describe improvements in the bailout bill.

Blunt: Revised finance bill protects taxpayers

Oct. 3: House Minority Whip Roy Blunt says that the finance bill that was passed by the House contains provisions that “virtually ensures” taxpayers won’t lose money.

President Bush signed into law Friday a historic $700 billion bailout of the financial services industry, promising to move swiftly to use his sweeping new authority to unlock frozen credit markets to get the economy moving again.

“It”s complicated, and we”re going to make sure whatever we do is done in a deliberative fashion,” Bush told reporters after he signed the bill as soon as he got it from the House, which passed the measure after a topsy-turvy week of legislative victories, defeats and power plays.

But he promised to get the ball rolling quickly, because the authority is “essential to helping Ameica”s economy weather the financial crisis.” [read the rest of the story]

2 Responses
  1. Boise Idaho Real Estate

    I’m glad someone is happy about this bailout. If bailing out kids in families does not fix the problem and throwing money at non-productive employess does not fex that problem, I have a hard time believing that throwing money we don’t have at these monumental bad loans will fix this upside down economy. I think it is headed where the economic stimulus package ended up, nowhere, nada!

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