The Emergency Economic Stabilization Act of 2008 (H.R. 1424) passed 74-25 (Roll Call 213) on October 1, 2008. This bill authorizes the Treasury Department to use $700 billion of taxpayer money to purchase troubled mortgage-related securities from banks and other financial-related institutions, on terms set by the Treasury Secretary, who now has authority to manage and sell those assets. The bailout plan also expands FDIC protection from $100,000 to $250,000 per bank account.
The bill establishes an unconstitutional merger of government with banks and businesses — in other words, corporate fascism — and greatly increases the national debt and monetary inflation by forcing taxpayers to pay the price for the failures of private financial institutions.
