October 25, 2010
The Emergency Economic Stabilization Act of 2008 -One of the bailout measures taken by Congress in 2008 to help repair the damage from the subprime mortgage crisis. The act gives the Treasury Secretary the authority to buy up to $700 billion of troubled assets and restore liquidity in financial markets. The Emergency Economic Stabilization Act (EESA) was originally created and proposed by Henry Paulson...The original form of the EESA was rejected by the House of Representatives in September of 2008 and was therefore revised. A revised version was passed the following month. Proponents of the plan felt that it was vital to minimize the damage done to the economy by the mortgage meltdown, while detractors felt that the cost of the plan was way too high.
The American Recovery and Reinvestment Act of 2009 - An act initiated and signed by U.S. President Barack Obama in February, 2009. The act was set into motion as a response to the weak economic state facing the country. The American Recovery and Reinvestment Act was created to stimulate the economy through individual and corporate tax cuts, leniency in unemployment benefits, increased domestic spending, and increased social welfare funding.
[Just two notes to self. I've read so many times this year that the current administration is to blame for "the bailout" of banks and Wall Street that I sometimes need a reminder of what actually happened].
October 25, 2010 | Permalink