Bailout Bill Passes, Signed Into Law

President George W. Bush signed into law the biggest government intervention in the markets since the Great Depression, but he warned that the effects of the rescue package may not be felt for a while. (WSJ) The U.S. House passed the $700 billion bill at 1:35pm by a 263-171 margin, it was signed by House leaders at 2pm, and by President Bush by 3:30pm. Democrats led the voting 172-63 in favor, with Republicans split 91-108. (NYT)

Speaker of the House Nancy Pelosi with Representatives Steny Hoyer, Rahm Emanuel and John Larson after the bill was passed on Friday. Photo: Doug Mills/NYT.