[…] The House cleared by a 263-171 vote the bill designed to stabilize the U.S. and global financial systems by thawing frozen credit markets and preventing major bank bankruptcies. The Senate endorsed the bill October 1 after adding several new features to the House-rejected version, including a temporary increase in the amount of bank deposits insured by the government, tax-cut measures and a few unrelated provisions.

[…] There were moments this week when some thought the federal government could not rise to the challenge. But thanks to the hard work of members of both parties in both Houses -- and a spirit of cooperation between Capitol Hill and my administration -- we completed this bill in a timely manner. I'm especially grateful for the contributions of Speaker Nancy Pelosi, Minority Leader John Boehner, Majority Leader Steny Hoyer, Minority Whip Roy Blunt, Chairman Barney Frank, Ranking Member Spencer Bachus.

[…] But they all support it because they believe the price of inaction could be even greater. Could the crisis pass without this massive commitment of government money, as some economists and politicians have argued? It might, said Alice Rivlin, senior fellow at Brookings and former vice chairwoman of the Federal Reserve. But the possibility that the crisis could lead to a financial meltdown and a deep economic recession is too big a gamble to take.

[…] The turbulence in the U.S. financial markets has been described as the worst since the Great Depression of the 1930s.
Bush administration officials and U.S. lawmakers have been trying to hammer out a deal that would allow the government to use $700 billion in public funds to act as the buyer of last resort for mortgage-backed and other securities held by the struggling financial institutions.

[…] Treasury Secretary Henry M. Paulson Jr. indicated as much to a 60 Minutes reporter in a September 28 interview. “We don't have the regulatory authorities and structure in place to protect the American people,” he said. Officials will seek new regulations in two areas: the way housing loans, credit cards and similar financial products are sold to consumers — the “primary market” — and how banks and other institutions invest the money they raise from these operations — the “secondary market.”

[…] The bill also includes other important ideas put forward by members of Congress from both parties. For example, the bill requires the establishment of a guarantee program that will insure assets at no cost to the taxpayer. The bill provides strong, bipartisan oversight so Americans can be certain that their tax dollars are used carefully and wisely.

[…] The bill will help allow access to credit so American families can meet their daily needs and American businesses can make purchases, ship goods, and meet their payrolls. And this plan sends a strong signal to markets around the world that the United States is serious about restoring confidence and stability to our financial system. Without this rescue plan, the costs to the American economy could be disastrous."

[…] Good evening. This is an extraordinary period for America's economy. Over the past few weeks, many Americans have felt anxiety about their finances and their future. I understand their worry and their frustration. We've seen triple-digit swings in the stock market. Major financial institutions have teetered on the edge of collapse, and some have failed. As uncertainty has grown, many banks have restricted lending. Credit markets have frozen. And families and businesses have found it harder to borrow money.

[…] Some foreign countries will try to shore up their financial systems but are not expected to emulate the U.S. financial rescue plan and make their efforts a coordinated global action, according to experts. U.S. Treasury Secretary Henry Paulson and the chairman of the Federal Reserve, the U.S. central bank, Ben Bernanke, put together the $700 billion plan, which calls for the government to buy mortgage-backed and other securities that no one else wants to buy.

[…] The Group of Seven Finance Ministers and Central Bank Governors released the following statement today: The G-7 held a conference call today to discuss global financial markets.

We reaffirm our strong and shared commitment to protect the integrity of the international financial system and facilitate liquid, smooth functioning markets, which are essential for supporting the health of the world economy.

[…] The American people are concerned about the situation in our financial markets and our economy, and I share their concerns. I've canceled my travel today to stay in Washington, where I will continue to closely monitor the situation in our financial markets and consult with my economic advisors. I spoke to Secretary Paulson this morning, and I will meet with him later on today.

[…] Since we last met, your leaders have signed the ASEAN charter. We welcome the charter's adherence to the principles of democracy, the rule of law and good governance, and respect for and protection for human rights and fundamental freedom. We hope that in implementing this new charter, ASEAN, individually and collectively, will keep these important values in the forefront. We think that the ASEAN charter is a very important step forward.

[…] Owning a home long has been equated with the realization of the "American Dream.” The encouragement of homeownership in the United States has been a major factor shaping government economic and tax policies, especially in regard to housing loans or mortgages. In recent months, the housing market has come under intense scrutiny with a credit crisis triggered by the collapse of the subprime mortgage sector. Subprime mortgages are high-rate loans for borrowers who cannot qualify for lower-interest conventional loans.