By Jeanne Sahadi, CNNMoney.com senior writer
Last Updated: October 3, 2008: 5:52 PM ETNEW YORK (CNNMoney.com) — After two weeks of contentious and often emotional debate, the federal government’s far-reaching and historic plan to bail out the nation’s financial system was signed into law by President Bush on Friday afternoon.
“By coming together on this legislation, we have acted boldly to prevent the crisis on Wall Street from becoming a crisis in communities across our country,” Bush said less than an hour after the House voted 263 to 171 to pass the bill.
The House vote followed a strong lobbying push by the White House and other supporters of the bill. The House rejected a similar measure on Monday – a defeat that shocked the markets and congressional leaders on both sides of the aisle.
The law, which allows the Treasury Secretary to purchase as much as $700 billion in troubled assets in a bid to kick-start lending, ushers in one of the most far-reaching interventions in the economy since the Great Depression.
My only commentary is actually someone else’s:
UPDATE: Donald Sensing elaborates.
UPDATE II: Tom Blumer of PJM elaborates further.