The US Congress and the Bush administration have finally agreed on the language of the $700 billion legislation intended to bail out institutions reeling under the massive financial crisis after a marathon session stretching several hours.
So what is this bailout all about? Read on to find out. . .
Just what is the US financial crisis all about?
America's banking system is in a shambles, following the impact of the crippling subprime mortgage losses suffered by the banks and financial institutions. Many have gone bankrupt, some have been sold at throwaway prices, and some more might go belly up soon.
The woes of the Wall Street have spread globally, hitting economies all over the world.
Image: US Capitol Hill in Washington, DC. Congressional leaders and the White House agreed Sunday to a $700 billion rescue of the ailing financial industry. | Photograph: Karen Bleier/AFP/Getty Images
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