News & Views on Indian Real Estate

Wednesday, October 01, 2008

700 Billion Dollar Bail Out Plan

The Bush administration asked Congress on Saturday for the power to buy $700 billion in toxic assets clogging the financial system and threatening the economy as negotiations began on the largest bailout since the Great Depression.

PRESIDENT BUSH says his administration will work with Congress to get the proposal approved quickly. He said, "This is a big package because it was a big problem."

The rescue plan would give Washington broad authority to purchase bad mortgage-related assets from U.S. financial institutions for the next two years. It does not specify which institutions qualify or what, if anything, the government would get in return for the unprecedented infusion.

Democrats are pressing to require that the plan help more strapped borrowers stay in their homes and to condition the bailout on new limits on executive compensation.

* I don't know about you but I am tired of bailing companies out. This is a big mistake as now Wall Street sees that they can do whatever and we will bail them out.

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