
According to Wikipedia.com, the $700 billion bailout plan was issued on Oct.1,2008. This plan was created for the United States Secretary of Treasury to purchase distressed assets, especially mortgage-backed securities from the nations banks of Wall Street. This act was proposed by President Bush and Treasury Secretary Henry Paulson. Also the government spent $85 billion to bailout major insurance company AIG. So basically the nations banks were allowing people to receive loans and mortgages who they knew that could not afford the payments. The banks did not take responsibility for their actions and our tax money had to bail them out is that fair?, I don't think so, not at all.
