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Emergency Economic Stabilization Act of 2008 and How It Has Impacted the Financial Markets - Research Paper Example

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"Emergency Economic Stabilization Act of 2008 and How It Has Impacted the Financial Markets" paper states that the impact of this Act is boosting the economy by protecting bankrupt institutions that will be responsible to pay back the government once it reaches normal modes of financial function…
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Emergency Economic Stabilization Act of 2008 and How It Has Impacted the Financial Markets
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Download file to see previous pages Though there were objections from various quarters about the huge amounts of tax payer’s money being used in the bailout of huge corporates, the Act has been successful in moving the downturn towards a flat point and now has started slowly moving towards a recovery stage. The various programs under the EESA 2008 have played a significant role in the financial sector, housing mortgage, and banking institutions to save the institutions from complete disaster.

The Emergency Economic Stabilization Act is a huge taxpayer bailout designed to rescue the financial sector. The amount of money to be used is around $700 billion or $2000 per American citizen (Public mark up). Emergency Economic Stabilization Act of 2008 is also a bill passed to authorize the Federal Government to buy and insure specific kinds of troubled assets with a purpose to offer stability and prevent disruption in the financial system and economy and thereby protect taxpayers. The bill is also aimed to alter the Internal Revenue Code passed in 1986 to offer an incentive to produce and conserve energy and to extend specific expiring provisions, to offer relief for individual income tax and for certain other purposes (Emergency Economic Stabilization Act of 2008).

The Emergency Economic Stabilization Act of 2008 was legislated when there was tremendous economic uncertainty and financial upheaval. There are many subdivisions to the act that cater to stabilize various sections of the society and financial markets. The TARP (Troubled Assets Relief Program) was formed under the EESA with the particular objective of stabilizing the financial system in the United States and to prevent further systemic collapse. Under the TARP program, the treasury created various other programs to stabilize the financial system and has also formed the Financial Stability Program to restore credit flow to businesses and consumers and tackle the crisis and keep Americans in their homes. ...Download file to see next pagesRead More
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