Oct 4, 2008 7:08 am US/Eastern
CBS4 Your Money: A Week The Nation Was Bailed Out
U.S. Debt May Grow $1-Trillion On Federal Government Rescue Of Financial Community
MIAMI (CBS4) ―
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Spencer Platt/Getty Images
President Bush signed a $700-billion bailout bill on Friday after the House voted 263-171 to pass the revised version of the legislation that was backed by the Senate.
It was the biggest government intervention bill in the financial markets since the Great Depression.
The week began when the House of Representatives failed to pass the first version of the administration's proposal for an economic rescue plan and Wall Street crumbled in its worst plunge ever - nearly 800 points.
On Tuesday, bargain hunters stepped in to recoup some of Monday's losses. In Washington, Congress and the White House went to work to salvage a compromise bailout bill.
On Wednesday, there were signs that the deadlock might be over: the senate approved its revised financial bailout package.
On Thursday, the house met again to consider fixing the economy; adding to the urgency were reports that new jobless claims remain at a seven-year high.
By the week's end, the banking industry continued to be shaken up with Wells Fargo making a $15-billion-dollar bid for Wachovia, which the FDIC said would violate Citigroup's earlier offer for the North-Carolina-based bank.
As the day concluded, the house passed the $700-billion bailout for financial firms combined with $152-billion in unrelated tax breaks and broader tools for federal regulators to deal with the growing economic crisis.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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