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Viewpoint: Economist Dean Baker on the Bailout Panic
Economist Dean Baker shares his thoughts on the bailout panic during a public panel held at the Institute for Policy Studies on September 30, 2008. Dr. Baker is the co-director of the Center for Economic and Policy Research in Washington, DC, and a columnist for The Washington Post and Atlantic Monthly.
Keywords: Economy, Government, Media, Viewpoint, bailout, corruption, crimes, dean baker, Economy, Fear, Financial Crisis, housing bubble, Housing Crisis, inequality, newsproject, panic, Wall Street
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The Bailout Plan
The Treasury Department has announced bailouts today to the tune of $1.15 billion. The United States Treasury has just announced its latest cash advances to troubled banks. 42 banks in need of a bailout, will get aid as part of the TARP for cash advances to institutions in need. Most of the original $700 billion has been invested, and right now the Senate is working on the $800 billion stimulus package that has been working its way through Congress. The tax cut portion of the stimulus is said to be getting some cash advances to the American taxpayers.
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