As Wall Street eagerly awaited the details of Secretary Paulson's plan, the SEC took what it called "emergency action" Friday morning and temporarily banned investors
from short-selling 799 financial companies.
The Treasury also said it would insure up to $50 billion
in struggling money market fund investments at financial companies, guaranteeing that the funds' value will not fall below the standard $1 a share. The Fed also said it would make unlimited funds available to banks to finance purchases of asset-backed commercial paper from money market funds.
In a press conference, Treasury Secretary Paulson outlined the government's plan
to put up hundreds of billions of dollars to help stem the crisis, saying "the financial security of all Americans ... depends on our ability to restore our financial institutions to a sound footing."
Later, President Bush held a separate press conference
, flanked by Paulson, SEC Commissioner Christopher Cox and Fed chief Ben Bernanke, saying it was "essential" that the government step in to save the economy.
Investors cheered the moves, sending stocks soaring
throughout the day.
Although the U.S. government had set various bailouts in motion to the tune of roughly $1 trillion, investors finished the week with renewed confidence that Wall Street may be broken - but not beyond repair
.NEXT: Saturday, Sept. 20 - The plan