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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 ...
There has been controversy in the media and elsewhere about the bonuses paid to bank staff, [2] [3] especially since the bank bailouts and rescue packages paid by governments during 2008 following the financial crisis of 2007–08. [4] [5] This controversy has led to legislators seeking to restrict
"Huge bet and we played it all right on the (state) budget and HB6, so we can go back for more!" Dowling said in a text to Jones the day that Ohio's governor signed the bailout into law.
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 government assumed control of the bank's £50 billion mortgage and loan portfolio, while its deposit and branch network were sold to Spain's Banco Santander. [ 17 ] In October 2008, the Australian government made A$4 billion available to nonbank lenders unable to issue new loans.
Goodbye capital, hello labor. Au revoir tax cuts, bonjour bailouts. And finally, farewell to deflation, and a weary welcome to inflation.