President Says Intervention In Banks Is `Temporary'

ADA, Mich. (AP) -- President Bush says the federal plan to buy up shares in U.S. banks is a temporary solution aimed at easing the current economic crisis.

But he says it's not a long-term answer because government ownership in private enterprise is "not good for the country."

The Bush administration plan calls for a $250 billion cash infusion into selected banks to help stabilize the system and nudge banks into lending again. He says the plan is structured to allow the government to be able to eventually get those investments returned to the taxpayers.

Bush adds that it's possible that the government will "not only get most of the money back, but in some cases actually make a little money."

The president spoke during a visit to Ada, Michigan, after having lunch with business owners at a deli in the Grand Rapids suburb.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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  • by Martinez Location: Southside on Oct 15, 2008 at 03:36 PM
    Read my lips... no new taxes. If a guy named Bush promises something, he is lying
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