Congratulations. If you're an American taxpayer, you've just become the owner of a brand-new $700 billion attempted bailout of the U.S. financial system.
After a 263-171 vote by the U.S. House of Representatives Friday, President Bush signed the legislation, aimed at rescuing the freezing credit markets in an effort to shore up the failing economy.
Actually, it's a bit bigger than $700 billion. The version of the bill that passed Friday ...
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there is a lot of basic information here, but many questions are left hanging with the information given. for example the story speculates on how much the 'add-on's will cost the taxpayer, including the energy incentives, later mentioning that they are completely paid for. also it sounds to someone who doesn't know that the fdic is an alternative to the bailout for many banks, and doesn't point out why prefer one over the other for the taxpayer or the bank. nevertheless there is a lot of information here about how the process is supposed to work, just not enough depth for someone who knows little about the financial industry.
