Board of Governors of the Federal Reserve System guaranteed $29,000,000,000 of security liabilities of investment bank Bear Stearns;
July 30, 2008, the Housing and Economic Recovery Act of 2008 was signed into law and gave the Federal Government the authority to take over the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation;
September 6, 2008, Secretary Paulson announced that the Secretary would use the new powers under the Housing and Economic Recovery Act of 2008 to purchase up to $100,000,000,000 of preferred stock in each Government-sponsored enterprise as needed to ensure that each Government-sponsored enterprise maintains a positive net worth;
September 7, 2008, Federal Housing Finance Agency Director, James Lockhart, established a conservatorship for the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation putting the Government in control of the companies;
September 18, 2008, the Washington Post reported `Fannie Mae, and to a lesser extent Freddie Mac, became enmeshed in the fabric of political Washington. They were places former government officials went to get wealthy--and to wait for new federal appointments. At Fannie Mae, chief executives had clauses written into their contracts spelling out the severance benefits they would receive if they left for a government post. The companies also donated generously to the campaigns of favored politicians. The companies' political action committees and employees have donated $4.8 million to members of Congress since 1989, according to the Center for Responsive Politics.';
Board of Governors of the Federal Reserve System announced on Sunday, September 14, 2008, that it expanded the criteria of eligible collateral to be pledged at the Primary Dealer Credit Facility to securities below investment grade;
September 17, 2008, Bloomberg News reported that Allianz SE, Europe's largest insurer, made an offer to invest in American International Group Inc. that was rejected by the United States insurer 2 days before it accepted a Government takeover;
September 16, 2008, the Board of Governors of the Federal Reserve System authorized the Federal Reserve Bank of New York to lend up to $85,000,000,000 to the American International Group (AIG); and
on September 17, 2008, the Secretary of the Treasury announced the Treasury was going to lend money to the Board of Governors of the Federal Reserve System to help it meet its obligations: Now, therefore, be it
When will they stop spending??? Its time to call your senator tell them to vote NO on the bailout..