search

The Real Deal Logo

Trending

Jade Enterprises puts mostly vacant LA office building up for saleJade Enterprises puts mostly vacant LA office building up for saleTides’ original investors may be wiped out by preferred equity dealTides’ original investors may be wiped out by preferred equity dealLA court strikes down SB9 law allowing single-family lot splitsLA court strikes down SB9 law allowing single-family lot splitsFort Lauderdale crane collapse victim seeks over $50M in damagesFort Lauderdale crane collapse victim seeks over $50M in damages
South Florida

Bailout vote looms

Sign Up for the undefined Newsletter

President Bush urged Congress Monday morning to pass a hard won compromise version of a $700 billion bailout of the financial system, telling the nation it’s required to keep the crisis in the  financial industry from spreading through the entire economy. Passage would ease market worries and free up the clogged pathway of the credit system. That in turn will give an impetus to the moribund housing sector, a millstone for Florida, which has one of the highest foreclosure rates in the nation. Sen. Chris Dodd, D-Conn., chairman of the Banking Committee and a leader in the bailout bill negotiations, warned that it was not a cure-all for all the problems that have bedeviled the U.S. financial markets. He said that failure to act would spread the contagion of frozen credit markets even further and could hurt other people across the country.