Weekend News Digest is an Open Thread
58 stories, which is about all that fits, but no Politics, Business, or Science yet.
Busy News day.
I did reach a little farther back for some stories, but that’s because they were of particular interest.
I will update the missing categories at some point, but probably not until after 6 pm.
|From Yahoo News Top Stories|
1 Congress gets $700 billion financial bailout plan
By Kevin Drawbaugh and Richard Cowan, Reuters
34 minutes ago
|WASHINGTON (Reuters) – The Bush administration on Saturday sent a $700 billion financial markets rescue plan to Congress where Democrats immediately questioned its impact not only on Wall Street, but on homeowners and taxpayers as well.
The plan to move toxic mortgage-related debt off the balance sheets of U.S. banks and other institutions, and into a massive government portfolio, represents an all-out attack on the worst financial crisis since the Great Depression.
Under authority sought by the U.S. Treasury Department, the government could purchase as much as $700 billion in mortgage-related assets from U.S.-headquartered institutions.
Decisions by the treasury secretary related to the buyback program could not be reviewed by any court, according to a copy of the department’s draft legislation obtained by Reuters.