According to The Associated Press,
The Bush administration is asking Congress to let the government buy $700 billion in bad mortgages as part of the largest financial bailout since the Great Depression.
The plan would give the government broad power to buy the bad debt of any U.S. financial institutions for the next two years. It also would raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion — making room for the massive rescue.
Douglas A. McIntyre
Henry Paulson’s program to save the economic universe from dark powers may or may not rescue the financial system. It comes with a $1 trillion checking account which the government will use to buy bad assets from banks. It is not clear which firms will make it onto the subway before the doors close and the train leaves the station. Paulson may still allow some companies to fail.
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