CSULB Economic Stabilization Act Panel Discussion

Housing prices are crashing. Bear Stearns, Lehman Brothers, and Washington Mutual, have been acquired for pennies on the dollars. Fannie Mae and Freddie Mac are under Federal Government conservatorship. U.S. Commercial banks have tightened lending standards, and a credit crunch threatens global financial markets. All of this stokes fears of an economic slowdown that many believe could result in a deep recession for the U.S. and the rest of the world. The U.S. Treasury Department and the Federal Reserve Board developed a plan for a $700 billion bailout of Wall Street, and this bailout will be discussed by a panel of experts on the CSULB campus. The panel will discuss what caused the crisis, what the bailout means, what the implications of the bailout are, and how Main Street, not just Wall Street, is affected.