U.S. Congress agrees on bailout. Stocks jump for joy. Taxpayers screwed.
The biggest money give-away to the richest people in the world is a done deal. U.S. taxpayers will buy toxic mortgage backed securities none of the "smart money" on Wall Street is willing to buy.
Banking chief Christopher Dodd said there is fundamental agreement on the rescue package for the bloated financial sector.
The Dow Jones Industria Average jumped almost 300 points.
"The House Democrats, and the Senate Democrats and Senate Republicans came to agreement on all but one issue," said Frank, who is chairman of House Financial Services Committee.
The only remaining issue, he said, "was whether the bankrupcty laws should be able to applied to primary residences."