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In the News, September 20, 2008

The Big Fat Bailout of 2008

The Bush administration is asking Congress to let the government buy $700 billion in bad mortgages as part of the largest financial bailout since the Great Depression. Just part of the financial events this week which have included a Wall St. roller coaster and the federal government instituting the most sweeping intervention in the financial markets since the Great Depression.

The plan: The federal government buying "hundreds of billions of dollars" of illiquid mortgage assets at a deep discount from banks. The Treasury Department, likely to run the program directly, unlike the savings and loan crisis of the 1990s that led to the creation of the Resolution Trust Company.The cost: While the proposal calls for the purchase of "hundreds of billions of dollars" of bad loans, it's 'unknown' what taxpayers will ultimately pay for the bailout.

Also this week;
  • Judge OKs Lehman unit sale to Barclays
  • 4 Fannie Mae senior execs resign
  • GM to draw down $3.5B line of credit
  • Gas prices sink for third day (barrel teetering around $100)

Ike uncovers mystery

When the waves from Hurricane Ike receded, there was a mystery. A ragged shipwreck that archeologists say could be a two-masted Civil War schooner that ran aground in 1862 or another ship from some 70 years later.

Nickels Galore!

Investigators from the Florida Highway Patrol said one semi-truck rear-ended another, causing about 3 million nickels to pour onto the road, according to collision caused one of the trucks to hit a guard rail and overturn, killing a passenger inside.

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