Congress Hopes Bailout Will Keep Conditions From Mirroring Great Depression

After much difficulty, lawmakers informally agree to deal

By Matthew B. Zeidman

WASHINGTON (Hollywood Today) 9/28/08 – While most of America was watching Tina Fey reprise her role as Republican vice-presidential nominee Sarah Palin on “Saturday Night Live,” Congress was finalizing plans to give shaky financial institutions a shot in the arm.

“We’re pleased with the progress tonight and appreciate the bipartisan effort to stabilize our financial markets and protect our economy,” Salvatore Antonio Fratto, who serves as deputy press secretary and deputy assistant to the Bush administration, stated.

“We’ve made great progress, but we have to commit it to paper before we can formally agree,” House Speaker Nancy Pelosi said upon emerging from the late-night session early Sunday morning.

Approximately $700 billion will still be used to relieve banks of failed investments, but the tentative legislation will require a gradual payment system, heavy federal oversight and the elimination of posh severance packages for laid-off executives.

Meanwhile, banking giant Wachovia is hoping a merger will help it avoid the fate of failed rival Washington Mutual, which was taken over by the government and sold to JPMorgan Chase & Co. earlier this week.  According to the New York Times, Citigroup has already entered into talks to join with Wachovia, which suffered a 27-perecent drop in the value of its stock shares Friday.