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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 solvency of other U.S. banks was severely threatened, forcing the George W. Bush government to intervene with the $700 billion bailout plan of the Troubled Asset Relief Program. As a result of the economic and financial crisis, over 65 U.S. banks have become insolvent and have been taken over by the FDIC since the beginning of 2008.
[2] [3] At the end of 2022, the US banking industry had a total of about $620 billion in unrealized losses as a result of investments weakened by rising interest rates. [4] A bank failure is the closing of a bank by a federal or state banking regulatory agency. The FDIC is named as receiver for a bank's assets when its capital levels are too ...
This drew criticism from those who likened it to the far-reaching government bailout during the 2008 financial crisis, which cost taxpayers $700 billion to save struggling banks and other firms.
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The government interventions during the subprime mortgage crisis were a response to the 2007–2009 subprime mortgage crisis and resulted in a variety of government bailouts that were implemented to stabilize the financial system during late 2007 and early 2008.
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The Federal Reserve surveyed 4,000 households between 2007 and 2009, and found that the total wealth of 63% of all Americans declined in that period and 77% of the richest families had a decrease in total wealth, while only 50% of those on the bottom of the pyramid suffered a decrease.