September 28th, 2008
03:15 PM ET
6 years ago

Rescue bill revealed

NEW YORK (CNNMoney.com) - The federal government would provide as much as $700 billion in a far-reaching plan to rescue the nation's troubled financial system, according to a draft of the proposed bill obtained by CNN.

The legislation is still being negotiated and elements of the bill could still change.

The core of the bill is based on Treasury Secretary Henry Paulson's request for authority to purchase troubled assets from financial institutions so banks can resume lending and so the credit markets, now virtually frozen, can begin to operate more normally.

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Filed under: Congress
soundoff (44 Responses)
  1. MarioB. from Berlin for OBAMA/BIDEN

    let's see how the candidates will vote. Against or for it? for it I guess.
    I'm glad they got it ready, after McCain nearly blew up the whole progress...

    Obama/Biden by landslide

    September 28, 2008 05:39 pm at 5:39 pm |
  2. no way

    Are you kidding me??? Where are the two big shots claiming to want to help the American poeple??? We do not I repeat DO NOT want them to spend any of our money to bail out people that cannot balance their checkbooks. I agree let the melt down begin!!!!

    September 28, 2008 05:41 pm at 5:41 pm |
  3. donna jones

    This woman can't speak intelligently about anything!!! If McPain really was thinking "country first" he would NOT have put her on the ticket. In this great country, we don't need someone who seems "like one of us", we need someone with judgment, intelligence and forward-thinking! She is lacking in all of these! AMERICA WAKE UP! I can hardly wait for Thursday night.....Joe Biden will speak coherently, authoritatively, and with loads of experience. What was McPain thinking? Anything to get elected. I have news for the Republican party....women are smarter than to vote for another woman soley because we share body parts. We need leadership and intelligence in the White House and Vice Presidency! Obama/Biden08

    September 28, 2008 05:43 pm at 5:43 pm |
  4. Alaska hillbilly

    YOU VOTED FOR BUSH AND THE REPUBLICANS TWICE 2004, 2008. NOW SHUT UP AND PAY THE BILL.

    September 28, 2008 05:46 pm at 5:46 pm |
  5. helmer christiansen

    cnn has become more like thise tabloid in the supermrket news stand; if you are not able to tell the truth you are not happy, and keep
    on running around in a circle with mislaeding stuff, put your act
    together, and act like any news,right now, it's just crap?

    helmer chr.

    September 28, 2008 05:46 pm at 5:46 pm |
  6. Lisa

    I Cant believe that the $700 Billion Bailout Bill was past. I don’t care what the content is, Bush is still getting a check for 700 billion dollars.
    During the last recession, my husband lost his business, I did not see the government bail us out, we lost everything.

    If they need a bail out, let the CEO’s return the Bonus they got, the millions of dollars they where paid.

    I do not want my tax money used et al, not one penny, in the event my tax dollars is used for this bailout, I will sue the government of the United States of America as well as Wall Street and all the financial intuitions that have any thing to do with this.
    I will start a petition, and then call every American Citizen to join me.

    I am not kidding
    Try it and lets see what happens
    I do not want my kids or my grand/great grand children to end up paying for people who committed fraud; they have gotten away with it for many years.

    Let the Rich bail themselves out!

    A really upset American

    September 28, 2008 05:47 pm at 5:47 pm |
  7. AP

    Unfortunately, the web site is either down or overloaded. Why am I not surprised that the powers that be would not have expected the depth of our interest!

    September 28, 2008 05:47 pm at 5:47 pm |
  8. Another Republican voting for Obama/Biden

    Where is Palin's Income Tax Forms? What's happening in Alaska with Troopergate and abuse of power?

    Nancy Peosi has done a tremendous job along with Barney Franks and Chris Dodd. Thank you.

    September 28, 2008 05:48 pm at 5:48 pm |
  9. BJ

    The Democrats are trying to grandstand, claiming that it is "they" who are the heroes of this bailout package. However, in their version, they were giving everything away, even the kitchen sink! They just about wanted to buy a house for everyone in the US, including people on welfare, etc. (ACORN)

    IF it weren't for the Republicans, who stopped them and proposed and imposed some of their input, this package would have been a disaster!

    I'm a Democrat, but I will never vote for Obama the Liberal.

    McCAIN!!!

    September 28, 2008 05:50 pm at 5:50 pm |
  10. el

    I'm hearing about the bail-out bill and wondering if any member of the oversight committee that will be formed isn't going to be a presidential appointee, and why, if as it is being framed a bail-out for main street, doesn't it give bankruptcy judges the authorization to rewrite mortgages with lower payments to prevent some of the rising number of bankruptcies.

    The bigger question I have is why didn't the bail-out go entirely to the people? $700 billion=$2300 per person, $9200 for a family of four. That could've paid off a lot of credit debt, mortgage payments, and increased retail spending, all of which could have freed up credit markets, kept people in their homes, and stimulated production/retail sales.

    Not to mention it would've gone a little way to improve the approval rating of congress. The overwhelming majority of people in this country are against this bail-out, if it went to us, the overwhelming majority would be for it.

    September 28, 2008 05:52 pm at 5:52 pm |
  11. CM

    Man, the GOP clueless brigade is out in force today.

    Still with the 'paid blogger' accusation guys? With the polls showing up to a 9 point lead for Obama don't you guys think there might be more bloggers who don't let your outrageous claims go unanswered?

    Oh, I'm not paid by anyone to blog against McCain. I just can't stand how he can act one way but then try and pin that on Obama. He's too fake to get the highest office.

    September 28, 2008 05:55 pm at 5:55 pm |
  12. Michael

    The Moose Witch should fly her broom back to Wasiila. She has no power down here. She should leave before a good witch drops a house on top of her.

    September 28, 2008 05:56 pm at 5:56 pm |
  13. Dave

    This is being sold as an emergency and the greatest economic decision since the Great Depression, and yet the Senate is going to take a day off on Tuesday before voting on the bailout bill???????? How pressing can this be? Are we REALLY in trouble?

    September 28, 2008 05:57 pm at 5:57 pm |
  14. ALLAN USA

    OBAMA IS THE MOST CROOK IN AMERICA POLITICS THIS DAY.

    September 28, 2008 05:57 pm at 5:57 pm |
  15. Mike Dallas

    I did not support the bailout because I felt Bush and his appointees Paulson were devoid of integrity, economic knowledge and I was suspicious of their motivations. It was too reminiscent of the run up to the Iraq war. I was extremely distrustful of the bailout.

    However, today I hear that Warren Buffet has stated that the bailout is absolutely necessary, so, albeit, reluctantly, I do now support the bailout bill.

    September 28, 2008 05:58 pm at 5:58 pm |
  16. Griff

    So you have $1000, to Gamble with, and your outside the Race-Track.. Who would you trust with your money for a fee on the Returns?? A proffesional Gambler. Or a Guy who knows nothing about Racing" it's the same on the World Market... It's a Gamble!!!!

    September 28, 2008 06:01 pm at 6:01 pm |
  17. BM

    McCain has some nerve when he was a deregulator! This man thinks his boo-boo doesn't stink.
    The only conclusion I can come up with was the reason for not looking at Obama during the debate is that he thought he had no business on the same stage with him. I think he is jealous because Obama is smarter.

    September 28, 2008 06:02 pm at 6:02 pm |
  18. Kim

    In an above post. Nadeem made fun of the Elitist McBush for having Eight Houses and Six cars. Hey Nadeem. If you are going to insult people then you must be factual. McBush in fact owns Thirteen Cars.
    Also owns a large private jet. And has an Imelda Marcos style affection for six hundred dollar custom Italian Shoes.

    September 28, 2008 06:02 pm at 6:02 pm |
  19. Steveda - Poconos PA

    Like most of the bloggers here, I gotta admit the thought of corporate bailouts is extremely distressing. However, if we don't do it and fall into a depression again, it is the average citizen that willl suffer the most. Billionaires don't suffer in depressions, they profit from them as they invest at bargain basement prices and ride out the storm.

    To the bloggers that are trying to pin this on the dems... it is the republicans that have so deregulated the banking industry and allowed this to happen. McCain is the biggest culprit in the deregulation process and needs to take responsibility – like that's gonna happen.

    We need to get the lobbyists out of Washington and let the average citizen take back control of OUR government. This election day, vote them ALL out, dems and republicans. lets get some real representation! Vote Obama for the change he can bring. MCCain will continue to cater to the rich and we simply cannot afford to write those checks anymore.

    Vote your wallet people.... after all, if you don't they will – just like they have in the past.

    September 28, 2008 06:02 pm at 6:02 pm |
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