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Bush Asking For $700 Billion Bailout

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Bush Asking For $700 Billion Bailout Struggling to stave off financial catastrophe, the Bush administration on Friday laid out a radical bailout plan with a jawdropping price tag — a takeover of a half-trillion dollars or more in worthless mortgages and other bad debt held by tottering institutions. A grim-faced President Bush acknowledged risks to taxpayers in what would be the most sweeping government intervention to rescue failing financial institutions since the Great Depression. But he declared, "The risk of not acting would be far higher."

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Great-Sommelier Great-Sommelier 7 years
Amen to that, Steph!
stephley stephley 7 years
These have been small stories lately. I think there should be plenty of strings attached - I just don't know if anyone in congress is listening to voters right now.
Beauty Beauty 7 years
I'm surprised this isn't a bigger story! I'm infuriated — we should NOT be bailing out these banks with no strings attached. The people who got us into this mess will enjoy their fat salaries while regular taxpayers foot the bill. This is wrong.
bellaressa bellaressa 7 years
That's a lot of money.
UnDave35 UnDave35 7 years
Great. Can I go back in time and default on my mortgage, so I could use that money for other toys that I've been saving up for, but haven't purchased?
Great-Sommelier Great-Sommelier 7 years
Michelann Michelann 7 years
Absolutely, we'll regret it. Once we give up that power to the government, there's not much of a chance they'll give it up again.
stephley stephley 7 years
"The administration is asking Congress for far-reaching new powers to take over troubled mortgages from banks and other companies, including purchasing sour mortgage-backed securities. Administration officials and congressional leaders are to work out details over the weekend." We're all going to regret this, in one way or another.
Adrenalynn75 Adrenalynn75 7 years
Great-Sommelier Great-Sommelier 7 years
This makes me sick.
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