Friday, October 03, 2008

Bailout: Bill Passes House

by Calculated Risk on 10/03/2008 01:22:00 PM

Vote: 263 Yes to 171 No

Fed Chairman Bernanke statement:

I applaud the action taken by the Congress. It demonstrates the government's commitment to do what it takes to support and strengthen our economy. The legislation is a critical step toward stabilizing our financial markets and ensuring an uninterrupted flow of credit to households and businesses.

The Federal Reserve will continue to work closely with the Treasury as it undertakes these new initiatives. We will continue to use all of the powers at our disposal to mitigate credit market disruptions and to foster a strong, vibrant economy.
The TED spread (from Bloomberg) is at 3.83.