Congress reaches deal on $700 billion bailout

September 27, 2008 | Dean Takahashi | Comments | |

[Updated] After a marathon session of negotiations, Congress has reached a deal on the federal bailout plan. Lawmakers are waiting to see the final details on paper but various news outlets are reporting that congressional leaders say they have reached an agreement on the $700 billion bailout.

Among the provisions: the legislation will dole out the funds in tranches, place limits on any “golden parachutes” for executives at companies that accept bailout money, and set up an oversight board to supervise the program that would be run by the U.S. Treasury.

Now it remains to be seen if the bill will be formally passed and signed into law quickly. And then we’ll see if the stock markets around the world start responding to the legislation. The Wall Street Journal has posted the full text of the draft bill here.

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About the Author, Dean Takahashi

Dean is lead writer for GamesBeat at VentureBeat. He covers video games, security, chips and a variety of other subjects. Dean previously worked at the San Jose Mercury News, the Wall Street Journal, the Red Herring, the Los Angeles Times, the Orange County Register and the Dallas Times Herald. He is the author of two books, Opening the Xbox and the Xbox 360 Uncloaked. Follow him on Twitter at @deantak, and follow VentureBeat on Twitter at @venturebeat.

  • Dean - the most important reaction will be from the credit markets, not the stock markets. The credit markets are frozen - that is the problem.
  • mmm. thats interesting
  • ...and then we can watch the value of the dollar fall even farther after the Fed prints more fiat currency to hand over to the banks.
  • Massive changes in mortage law needs to be changed before the us will be able to dig themselves out.
  • H
    I am getting more and more fed up with Wall Street: The financial markets at Wall Street in combination with the global marketplaces have become such an interwoven, giant, monolithic, extremely complex and as recent history shows, extremely fragile marketplace. Often even financial experts lack insight and comprehensive understanding of all the interdependencies, so it is no surprise that a increasing number of private investors are getting more and more at unease with the lack of transparency. In my opinion we need to go back to basics: Move the money from this macroscopic, behemoth and abusive market back into small businesses on main street. Brick and mortar usinesses with nuts and bolts, that are in expansion mode. It is transparent, easy to understand, you see your money at work, and often, your investment will be secured by the assets of the business. In case your money sits in a 401k, don't think your hands are tied, you can roll it over to a self directed IRA. There are several plan adminstrators out there who allow you to invest into a multitude of assets, way beyond the classic choices of mutual funds.

    I'd characterize this back to basics philosophy as Micro Economic Investing.
  • H
    More about Micro Enonomic Investing at http://invest4real.biz/financialmarket.html