Via CNN

The House of Representatives on Friday approved by a wide margin the $700 billion economic bailout that sailed through the Senate earlier in the week. The measure passed by 92 votes, 263 to 171, with the plan picking up support on both sides of the aisle after going down to defeat in the House on Monday. President Bush signed the bill Friday afternoon. The bailout plan has new provisions, including an increase in the Federal Deposit Insurance Corp. cap from $100,000 to $250,000. It makes $250 billion immediately available to purchase bank assets, leaving $100 billion at the president's discretion and $350 billion subject to congressional review. The bill also includes a "mental-health parity" provision, which would require health insurance companies to cover mental illness at parity with physical illness.

3 Comments

October 3, 2008 4:50 PM

[0+]  adag87 said:

While I don't think that this bill is the wisest thing, something had to be done - and I am really glad to see that mental health parity passed.

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October 3, 2008 5:26 PM

[0+]  Alice said:

And yet, we still have the fraudulent system that got us into this mess. When a warehouse stores something for you that is supposed to be available on demand, and then lends it out to someone else for profit, that's called fraud. When a bank does it, it's called the fractional-reserve system. Banking and credit regulations on top of a system like that is like if the government gave you a ticket for changing lanes without signaling, but didn't particularly care if you ran over children at crosswalks.

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October 6, 2008 11:15 AM

[0+]  Danyell said:

I don't quite understand how this bill differs from the original.

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