Economic and Mortgage Crisis (2008)
As the Unites States economy seemed to grind to a halt with the growing credit crunch, and more and more large banks and other financial institutions collapsed, Treasury Secretary Henry Paulson proposed a bailout plan which would have the U.S. government purchase the bad mortgage-backed securities from the private financial sector, which in theory would allow the banks and other mortgage-holders to regain financial health and to then begin offering credit to businesses and individuals.The U.S. House of Representatives failed to pass this plan in a vote on Sept. 29, 2008.
On Oct. 3, 2008, the House approved a modified plan, and the bill was signed into law by President George W. Bush later that same day.
Mortgage, Credit, and Stock Market Crash Events and Offices
Wells Fargo and Citigroup Repay TARP Money to Governement--The Office of Financial Stability is a new office within the Office of Domestic Finance of the United States Treasury Department created by the Emergency Economic Stabilization Act of 2008 to operate the Troubled Assets Relief Program (TARP).
Trade Adjustment Assistance as of 02.18.10
Documents Related to the 2008 Mortgage Crisis , Bailout, and the Great Recession
President Bush Discusses the Bipartisan Economic Growth Agreement--Oct. 3, 2008Paulson Statement on Emergency Economic Stabilization Act--Oct. 3, 2008
Text of the Emergency Economic Stabilization Act of 2008 --passed by the Senate on October 3, 2008 (PDF format)
The original Henry Paulson Bailout Plan of Sept. 21, 2008
President Bush Press Conference of July 15, 2008
Documents from Congressman Dennis Kucinich on the Mortgage Crisis and Bailout
Political and Economic Personalities Involved in the 2008 Mortgage Crisis and Bailout, and the Great Recession
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Biography of Treasury Secretary Henry M. Paulson, Jr.
Biography of Assistant Treasury Secretary Neel Kashkari--Recently named to oversee the $700 Billion bailout.
James H. Lambright was named to serve as the interim Chief Investment Officer for the Troubled Asset Relief Program (TARP).