Panacea Bill Passes; Bush Cautions “It’s No Panacea”
October 3, 2008 by Brian J. Ritchey · Leave a Comment
The Emergency Economic Stabilization Act of 2008 is now law. The markets responded by losing over 350 points (taking into consideration where the DOW was at the time of the vote).
President Bush with Treasury Secretary Henry Paulson.
President Bush, after signing the bill, cautioned that it will “‘take some time’ for the measure to have its ‘full impact’ on the economy, and that the task of buying up troubled financial assets in the wake of the mortgage meltdown ‘cannot be accomplished overnight.’”.