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$700 Billion Bailout Signed Into Law

Posted by kdawson on from the how-4-pages-becomes-400 dept.

Many readers reminded us of what no-one can have failed to hear: that the Congress passed and the President signed a $700B bailout bill in an attempt to avert the meltdown of the US economy. The bill allocates $700 billion to the Treasury Department for the purchase of so-called "toxic assets" that have been weighing down Wall Street balance sheets. This isn't particularly a tech story, though tech will be affected as will virtually all parts of the economy, and not just in the US. Among the $110B in so-called pork added to the bill to sway reluctant legislators are extensions of popular tax benefits for business R&D and alternative energy, relief for the growing pool of people subject to the alternative minimum tax, and a provision raising the FDIC's ceiling of guaranteed deposits to $250,000. Some limits were also imposed on executive compensation, though it's unclear whether they will be effective.

3 of 857 comments (clear)

  1. Re:IT Impact, M$ Failure. by Anonymous Coward · · Score: 0, Redundant

    STFU, Twitter.

  2. Re:Ridiculous by globaljustin · · Score: 0, Redundant

    The gold standard was based on a perception of value as well.

    don't talk semantics with me! I know where you're going with that..."all value is perception"...can we keep the existential questions off this thread, please?

    I'm not an anarcho-capitalist...I am not advocating that we go back to a gold standard.

    My point is, since the US went to a "full faith and credit" over a gold standard, the economy has been much more linked to fickle perceptions of the masses.

    --
    Thank you Dave Raggett
  3. Re:Ridiculous by globaljustin · · Score: 0, Redundant

    everyone else is a moron who will panic

    Straw man...I never said that. I said some are like that, and everyone on /. knows it's true.

    guys on Wall Street are just as smart as you.

    I never said they weren't...they don't pass the laws, though, do they? Lawmakers come in all shapes and sizes (ex Ted Stephens) and some are very beholden to what the fickle masses think they should do.

    BTW, perception drives any economy, even one based on the gold standard.

    of course it does, but not nearly at the same level as it is now. I do not support going back to a gold standard, at all, just making a point about the realities of our economy (i knew I should have put a disclaimer in my original post;).

    I'm not defending the gold standard, just saying that now perception of value is much more fickle and salient

    --
    Thank you Dave Raggett