$700 Billion Bailout Signed Into Law

Roger Wilcox writes: "After the spectacular failure of several large, long-standing banks over the course of the last month, Congress passed a bill that will allocate $700 billion to the Treasury Department for the purchase of so-called 'toxic assets' that have been weighing down on Wall Street balance sheets. President Bush quickly signed the measure into law. The legislation was the same bill that had been defeated in the House of Representatives earlier in the week, though an additional $110 billion in appropriations had been tacked on to appease congressmen who had originally voted against the bill.

Read the Associated Press article at Wired News."