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The Emergency Economic Stabilization Act of 2008 commonly referred to as a bailout of the U.S. financial system, is a law authorizing the United States Secretary of the Treasury to spend up to US$700 billion to purchase distressed assets, especially mortgage-backed securities, from the nation's banks. The Act was proposed by U.S. President George W. Bush and Treasury Secretary Henry Paulson during the global financial crisis of September-October 2008.
The purpose of the plan was to purchase bad assets, reduce uncertainty regarding the worth of the remaining assets, and restore confidence in the credit markets.
The Reasons for the Bailout Package:
1. To Stabilize the economy
2. Improve Liquidity
3. Improve Investor Confidence
4. Reduce the impact of the financial crisis on the US Economy and GDP.
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