Created Tue 23rd Sep 3:43pm PDT by 
lola
All questions » Politics » US Politics » lola 
How much money will the US Congress approve to bail out Wall Street?
Settled as Greater than $500 Billion to $700 Billion
WASHINGTON - Senators dug in their heels Tuesday, pushing back against dire warnings from the government's top economic officials of recession, layoffs and lost homes if Congress doesn't quickly approve the Bush administration's emergency $700 billion financial bailout plan. Congressional leaders still predicted passage — with significant changes — but Wall Street's nerves were hardly soothed. The Dow Jones industrials sank 161 points and now are off more than 500 this week after initially surging on the bailout announcement last week.
Deepening market trouble was just one piece of the economic havoc that Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson told senators would ensue if Congress lags in acting on the administration's proposal to rescue tottering financial institutions. (AP)
Category Editor Clarification
The options have been clarified so that there is no overlap. If the announced bailout is 500 billion exactly then it will be option 1. If announced bailout is exactly 700 Billion then will be option 2. Option 3 will be if announced bailout is more than $700 Billion.
Deepening market trouble was just one piece of the economic havoc that Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson told senators would ensue if Congress lags in acting on the administration's proposal to rescue tottering financial institutions. (AP)
Category Editor Clarification
The options have been clarified so that there is no overlap. If the announced bailout is 500 billion exactly then it will be option 1. If announced bailout is exactly 700 Billion then will be option 2. Option 3 will be if announced bailout is more than $700 Billion.
Settlement details:
As reported by a major mainstream news source.
Settled
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$0 to $500 Billion |
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Greater than $500 Billion to $700 Billion |
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Above $700 Billion |
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Activity: H$46,575
Settled as Greater than $500 Billion to $700 Billion on Fri 3rd Oct 12:39pm PDT
Suspend date: last Saturday 11:59pm PST Settlement date: Fri 3rd Oct 12:39pm PDT
Initial likelihoods: $0 to $500 Billion: 20%, Greater than $500 Billion to $700 Billion: 50%, Above $700 Billion: 30%
Action history:
Created Tue 23rd Sep 3:43pm PDT by lola
lola
Changed Description Sat 27th Sep 5:38pm PDT by 
destry![[Admin]](http://www.hubdub.com/images/icon_admin.gif "This user is an admin")
: show details
destry: show details ... $700
billion
financial
bailout
plan.
Congressional
leaders
still
predicted
passage
... ——
with
significant
changes
... ——
but
Wall
Street's
nerves
were
hardly
soothed.
The
Dow
Jones
... this
week
after
initially
surging
on
the
bailout
announcement
last
... week.
<br/>week.<br/>
<br/>
Deepening
market
trouble
was
just
one
piece
of
the
... acting
on
the
administration's
proposal
to
rescue
tottering
financial
institutions.
... (AP)(AP)<br/>
<br/>
<b>Category
Editor
Clarification</b><br/>
The
options
have
been
clarified
so
that
there
is
no
overlap.
If
the
announced
bailout
is
500
billion
exactly
then
it
will
be
option
1.
If
announced
bailout
is
exactly
700
Billion
then
will
be
option
2.
Option
3
will
be
if
announced
bailout
is
more
than
$700
Billion.
Suspended Fri 3rd Oct 12:34pm PDT by 
ryanj: Suspended pending settlement
ryanj: Suspended pending settlement
Settlement requested Fri 3rd Oct 12:34pm PDT by ryanj: Bailout plan has been passed by Congress and now Senate. Are we waiting for a joint committee session, or are we settling based on the house vote.
http://edition.cnn.com/2008/BUSINESS/10/03/us.bailout.deal.markets/index.html (market suspended)
ryanj: Bailout plan has been passed by Congress and now Senate. Are we waiting for a joint committee session, or are we settling based on the house vote.
http://edition.cnn.com/2008/BUSINESS/10/03/us.bailout.deal.markets/index.html (market suspended)
Settled as 'Greater than $500 Billion to $700 Billion' Fri 3rd Oct 12:39pm PDT by destry
destry
Suspend date: last Saturday 11:59pm PST Settlement date: Fri 3rd Oct 12:39pm PDT
more info...
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parboman
bigken1
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jchiangComments (15)
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score: 10
Morning Call, Pennsylvania 7 weeks ago
Congressional leaders said that adding tax breaks and increasing federal deposit insurance should improve chances a $700 billion financial rescue ...
score: 10
CBS 13 Tucson (KOLD) 7 weeks ago
Barack Obama is calling on Congress to stay in Washington and pass a financial industry bailout plan.. . The Democratic presidential candidate ...
score: 10
Business Standard 7 weeks ago
The US Congress rejected Hank Paulson's $700 billion bailout package to rescue the US economy. The bill was voted out 228-205. The legislation...
score: 10
score: 10
Related tags
New in Politics » US Politics
@tocm - I'd agree that in the long term, the 'no bailout' option would do a lot of good. What's the term... 'constructive destruction' ? Something like that. It would appropriately punish the purveyors of risky loans, and those who stupidly accepted them. It would also prevent an increase in government power and regulation over the free market. Unfortunately it wouldn't catch all the bad actors - some would still escape scot free. But .... in the short term, some level of chaos would ensue, and innocent consumers and businesses could well be hurt among the expected bank failures, etc. So... what to do, what to do. I don't know the answer.
That is a good point. I am pretty sure that Americans will not take kindly to the fact that a significant portion of that money that Paulsen wants will go to ACORN under his plan.
They also know that 1000 Savings and Loans went belly-up in the 90's, and there was no radical "bail out" plan like this on the table then.
I think that U.S politicians are being "generous" with their citizen's money - if I were the one calling the shots, every open seat in congress would have a new person sitting in it after this election!
http://www.msnbc.msn.com/id/26953481/
"Altogether, the additions would swell the projected coat of the bailout from $700 billion to more than $800 billion"
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