Reversal of fortune: House approves $700-billion bailout bill

Traders pause to watch the House vote on television on the floor of the New York Stock Exchange today in New York City. The U.S. House of Representatives approved a $700-billion bailout of the U.S. financial system.

 Four days after rejecting a similar plan, the House of Representatives approves the measure by a 263-171 vote. Bush quickly signs the bill into law.

By Richard Simon and Nicole Gaouette, Los Angeles Times Staff Writers
October 4, 2008
WASHINGTON — The House of Representatives approved the $700-billion Wall Street bailout Friday, setting in motion the biggest government intervention in the financial system since the Great Depression.

President Bush quickly signed the bill, and Treasury Department officials vowed to move swiftly to use sweeping new powers to try to stabilize financial markets and ease deepening fears about the economy.

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