“Republican and Democratic parties have reached an agreement on “the fundamentals” of a deal to bailout Wall Street, according to Christopher Dodd, head of the Senate Banking Committee.
Mr Dodds emerged from a meeting with leading American lawmakers to announce that he thought Congress could act within the “next few days” to pass a bill which would allow the Treasury to buy up to $700 billion of troubled assets in a bid to restore financial stability.”
Wall St bailout: the deal is done – Times Online.
I just love the bit about restoring financial stability. This may prevent a US economic depression, but a considerable recession is still well and truly on the cards. Financial stability is still a long way off, in my humble opinion…
© 2008 Gary William Murning
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