By Lori Montgomery and Paul Kane
Washington Post Staff Writers
washingtonpost.com
Sunday, September 28, 2008; 2:56 AM
Congressional leaders and the Bush administration this morning said they had struck an accord to insert the government deeply into the nation’s financial markets, agreeing to spend up to $700 billion to relieve Wall Street of troubled assets backed by faltering home mortgages.
House and Senate negotiators from both parties emerged with Treasury Secretary Henry M. Paulson Jr. at 12:30 a.m. from a marathon session in the Capitol to announce that they had reached a tentative agreement on a proposal to give Paulson broad authority to organize one of the biggest government interventions in the private sector since the Great Depression.
Lawmakers Reach Accord on Huge Financial Rescue – washingtonpost.com.
h/t: CLG
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see
Dennis Kucinich: And This Is The System We’re Saving!
Ron Paul: You Can Not Place Value Into Assets That Are Worthless!
Trouble in Banktopia By Mike Whitney
Marc Faber: Let the crisis burn itself out
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