OTCPK:NGMBF - Post by User
Post by
Canadude25on Oct 03, 2008 1:42pm
188 Views
Post# 15503108
Bailout has been passed!!!!
Bailout has been passed!!!!WASHINGTON — The U.S. Congress has passed complex and highly criticized legislation authorizing $700-billion (U.S.) in government money to shore up the nation's stressed financial industry.
The 263-171 vote by the House of Representatives sends the Senate-passed version to the White House for President George W. Bush's signature.
Among many features, the measure would allow the Treasury Department to buy up bad debt from various lending institutions.
The measure had been defeated in the same chamber on Monday, sending stocks on Wall Street into a record slide.
Announcement of the latest vote was greeted by applause.