The Emergency Economic Stabilization Act 2008
A law authorizing the US Secretary of the Treasury to spend up to US$700 billion to purchase distressed assets, especially mortgage-backed securities, from the nation's banks—enacated on 3rd October 2008.
For an overiew and relevant links see Wikipedia: The Emergency Economic Stabilization Act 2008.
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The Global Financial Crisis »The Global Financial Crisis
How should the US and other governments respond? »How should the US and other governments respond?
Measures to alleviate the immediate symptoms? »Measures to alleviate the immediate symptoms?
The Emergency Economic Stabilization Act 2008
Treasury Secretary has capital injection for stock option »Treasury Secretary has capital injection for stock option
Contain the economic impact of the credit crunch »Contain the economic impact of the credit crunch
Relieve the immediate credit crunch »Relieve the immediate credit crunch
Abandoning free market principles »Abandoning free market principles
Compounds $53 trillion US deficit »Compounds $53 trillion US deficit
Doesn't punish bankers for mistakes »Doesn't punish bankers for mistakes
Insufficient information available to make sound policy decision »Insufficient information available to make sound policy decision
Involved extra $100bn of irrelevant sweetners »Involved extra $100bn of irrelevant sweetners
Moral hazard »Moral hazard
Printing more money just devalues the USD more »Printing more money just devalues the USD more
Transfers a mass of toxic assets from banks to the government »Transfers a mass of toxic assets from banks to the government
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