Emergency Economic Stabilization Act of 2008
The Emergency Economic Stabilization Act of 2008, commonly referred to as a bailout of the U.S. financial system, is a law enacted subsequently to the subprime mortgage crisis authorizing the United States Secretary of the Treasury to spend up to $700 billion to purchase distressed assets, especially mortgage-backed securities, and supply cash directly to banks.
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- The massive state bailout of financial institutions, leading to immense public debt, was followed by a demand by those very same financial institutions that were bailed out by those states for the states to pay down their debt.