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The Emergency Economic Stabilization Act of 2008, also known as the "bank bailout of 2008" or the "Wall Street bailout", was a United States federal law enacted during the Great Recession, which created federal programs to "bail out" failing financial institutions and banks.
The first half of the bailout money was primarily used to buy preferred stock in banks instead of troubled mortgage assets. [11] In January 2009, the Obama administration announced a stimulus plan to revive the economy with the intention to create or save more than 3.6 million jobs in two years. The cost of this initial recovery plan was ...
The overall purpose of a government deciding to bail out a bank or other business can be to help protect the national economy, which may otherwise suffer dire consequences due to factors like job ...
TARP allowed the United States Department of the Treasury to purchase or insure up to $700 billion of "troubled assets," defined as "(A) residential or commercial obligations will be bought, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes ...
Au revoir tax cuts, bonjour bailouts. And finally, farewell to deflation, and a weary welcome to inflation. From Wall Street to Main Street and tax cuts to bailouts, BofA just dropped a list of 15 ...
While reports today indicate that GMAC is in talks for a third round of bailout money from the government, Congress and the Treasury Department finally developed draft legislation to make sure ...
The creation by mergers of the mega-bank WaMu in 1999 came with a ten-year CRA $120 billion agreement to fund housing activist efforts. In return CRA activists back the merger of one of “worst-run banks and among the largest and earliest banks to fail in the 2007–09 subprime crisis.” [127]
As a former president of the Federal Reserve Bank of St. Louis, William Poole has a highly informed view of the Fed and the kinds of problems it has to grapple with. Right now, Poole says, the ...