Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Green light for US bailout

Staff Reporter 1 minute read

Congress yesterday reached a landmark agreement that will release US$700 billion ($843.35 billion) to bail out Wall Street financial institutions threatened with collapse.

A statement issued yesterday confirmed that Congress and the Bush administration reached an agreement on economic rescue legislation that is “urgently needed to address a crisis in our financial system that threatens the entire U.S. economy”.

According to a summary of the draft plan released by House Speaker Nancy Pelosi, $US350 billion ($419.76 billion) will initially be released with future payments made on Congressional approval.

The bailout will allow the government to buy up troubled assets from pension plans, local governments and small banks serving low-income families, according to Ms Pelosi's office.

Advertisement
Advertisement
Published: 29-09-08

Is this the turning point in the credit crisis or could there be worse to come? COMMENT HERE

Today's other news

Green light for US bailout
default
TheAdviser logo
default

TODAY'S POLL

View results >

Who do you aggregate through?

Thank you for your vote, you can see the results here.

more from the adviser
question mark 850 Brokers reveal which lenders are leading the way

The results are in for the Third-Party Lending Report 2020, revea...

board room office ta Lender revamps broker team

A low-deposit mortgage lender has announced changes to its third-...

build SMEs showing greater resilience to COVID-19

Businesses with an annual turnover of less than $200,000 have far...

FROM THE WEB