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: BlackProf

Bailout Bust- House Votes Down $700 Billion Wall Street Bailout

By Emma Coleman Jordan

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Today,  Congress rejected the hastily presented and highly pressured Bush-Paulson-Bernanke Bailout Plan that was designed to pump “confidence” into financial markets.  The vote on the bill was 228-205.  This dramatic repudiation of the bailout legislation now calls into question the entire Paulson conceptual approach in which an astronomical sum of money is authorized to buy toxic, mortgage-backed debts that have no known valuation. The bill failed despite a frenzied week of negotia read more

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Full post as published by BlackProf on September 29, 2008 (boomark / email).

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