$700 B Bailout Agreement Reached

Congressional leaders worked into the early morning hours and finally were able to reach a tentative agreement for bailing out the financial institutions, that were on the brink of collapse, with $700 billion in American taxpayers' help.

This is what President George W Bush said about the 'Bailout Bill':

This bill provides the necessary tools and funding to help protect our economy against a system-wide breakdown. The will will help allow access to credit so American families can meet their daily needs and American businesses can make purchasing, ship goods, and meet their payrolls.

The bill calls for taxpayers to purchase billions of dollars worth of bad mortgage-debt held by Wall Street firms at the center of this financial crisis. The goal is to resell the mortgage-backed securities at a profit at a later date.

When billionaire U.S. investor Warren Buffett talks people listen: One anonymous source said the bailout negotiators asked for billionaire Warren Buffett's opinion on this crisis. He responded Saturday by saying that the country faced the biggest financial meltdown in its history.