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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 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 ...
The bailout bill's final passage capped a tumultuous week of legislative efforts that President George W. Bush signed the Emergency Economic Stabilization Act into law on Oct. 3, 2008.
One of the many special provisions included in the bailout bill passed by U.S. lawmakers last week was a "fix" for 2008 for the Alternative Minimum Tax (AMT). This tax dates back to 1970, when a ...
The British banking bail-out example was closely followed by the rest of Europe, as well as the U.S Government, who on 14 October 2008 announced a $250bn (£143bn) Capital Purchase Program to buy stakes in a wide variety of banks in an effort to restore confidence in the sector. The money came from the $700bn bail-out package approved by U.S ...
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.
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 ...
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 ...