uscitizen
Villified User
A grim-faced President Bush acknowledged risks to taxpayers in what would be the most sweeping government intervention to rescue failing financial institutions since the Great Depression. But he declared, "The risk of not acting would be far higher."
The administration is asking Congress for far-reaching new powers to take over troubled mortgages from banks and other companies, including purchasing sour mortgage-backed securities. Administration officials and congressional leaders are to work out details over the weekend.
(AP) President Bush walks with Federal Reserve Board Chairman Ben Bernanke, out of the Oval Office of...
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Congressional officials said they expected a request for legal authority to buy up the bad loans, at a cost in excess of $500 billion to the government. Democrats were discussing whether to try to attach middle class assistance to the legislation, despite a request from Bush to avoid adding controversial items that could delay action. An expansion of jobless benefits was one possibility.
In other major steps, the Treasury Department and Federal Reserve moved to give money-market mutual funds the same kind of federal protection, at least temporarily, that now applies to savings and checking accounts and certificates of deposit at banks. Money-market accounts sold through retail banks are already FDIC insured.
http://apnews.myway.com/article/20080919/D93A3OEO1.html
biggest bailout since the great depression ? I guess that means for sure that without the bailout we would go into a depression ?
Amazing how the tune of bush and the finaincial types can change in less than one year isn't it ?
the economy is great. buy stock
A slight readjustment in the market. buy stock
Just a bit of a housing bubble. buy stock
The economy if fundamentally sound. buy stock
6 more months. Buy stock.
OMG bail us out or we will have a depression!
The administration is asking Congress for far-reaching new powers to take over troubled mortgages from banks and other companies, including purchasing sour mortgage-backed securities. Administration officials and congressional leaders are to work out details over the weekend.
(AP) President Bush walks with Federal Reserve Board Chairman Ben Bernanke, out of the Oval Office of...
Full Image
Congressional officials said they expected a request for legal authority to buy up the bad loans, at a cost in excess of $500 billion to the government. Democrats were discussing whether to try to attach middle class assistance to the legislation, despite a request from Bush to avoid adding controversial items that could delay action. An expansion of jobless benefits was one possibility.
In other major steps, the Treasury Department and Federal Reserve moved to give money-market mutual funds the same kind of federal protection, at least temporarily, that now applies to savings and checking accounts and certificates of deposit at banks. Money-market accounts sold through retail banks are already FDIC insured.
http://apnews.myway.com/article/20080919/D93A3OEO1.html
biggest bailout since the great depression ? I guess that means for sure that without the bailout we would go into a depression ?
Amazing how the tune of bush and the finaincial types can change in less than one year isn't it ?
the economy is great. buy stock
A slight readjustment in the market. buy stock
Just a bit of a housing bubble. buy stock
The economy if fundamentally sound. buy stock
6 more months. Buy stock.
OMG bail us out or we will have a depression!