President George Bush, joined by Fed chairman Ben Bernanke and Treasury secretary Henry Paulson, issued a statement on Friday regarding the government’s intent to resolve the current economic catastrophe. The plan involves the use of hundreds of billions of tax dollars to purchase defaulted mortgages, and other problematic sources of debt. While the trio acknowledged the strain that the bailout would put on U.S. taxpayers, it was pointed out that the ramifications of inaction would be far worse. As a result of the announcement, Wall Street was flying high on Friday; with the Dow up as much as 450 points during midday trading.
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