President Bush has announced a $250 billion plan by the government to directly buy shares in the nation's leading banks. He spoke from the White House Tuesday morning.
He says the moves are "not intended to take over the free market but to preserve it."
Bush says the federal government will use part of the $700 billion bailout law to inject money into banks "by purchasing equity shares."
He says the Federal Deposit Insurance Corporation will "temporarily guarantee" most new debt issued by insured banks. The FDIC also will expand government insurance to cover all non-interest bearing accounts, aiding small businesses in covering their day to day operations.
And the president says the Federal Reserve will "soon finalize work" on a new program to serve as a buyer of last resort for commercial paper.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.