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.)
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.