Administration Unveiling Bailout Overhaul

By: Associated Press Email
By: Associated Press Email

The Obama administration is promising an aggressive effort to combat the worst financial crisis in seven decades, unveiling a program that could mobilize well over $1 trillion in public and private support to get the frozen credit markets functioning again.

Treasury Secretary Timothy Geithner said the new plan would bring the full force of the federal government to bear in a partnership with the private sector.

Geithner said that at the moment "critical parts of our financial system are damaged."

The new plan would greatly expand an effort to unclog credit markets that provide loans to consumer and businesses, mobilizing as much as $1 trillion for that effort. It would also create a partnership with the private sector to get bad assets off the books of banks.


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  • by Tom Location: C/S on Feb 11, 2009 at 10:53 AM
    I agree with the 3 of you! Funny, though if you listen to the Media, there's only 2 types of Americans, the Liberal Democrats and the Neo-Cons. Where are all the free-thinkers? And why so many comments about Ms-I-can't-have-enough-babies and so little regarding the economy?!?!
  • by Martinez Location: Southside on Feb 11, 2009 at 09:47 AM
    Such clear coherent comments from the opposition. G W Bush ordered $11 Trillion for the war in Iraq, which ballooned to $20 Trillion. That number is still growing as long as we are in Iraq. Yet the Republicans have yet to peep a complaint about it. It would have been cheaper to just carpet bomb all our enemies and spend to rebuild them in our own image than fight the war in Iraq like we did. Judging from the neocon keywords uttered by Barry I would assume he gets all his information from the self proclaimed leader of the Republicans Rush Limbaugh. It's sad how a fat loser could get so much power and influence. This money Obama is requesting is supposed to go back to Americans, the Republicans are so disorganized and ignorant due to a power vacuum that they are listening to the devil himself and are on a road to destruction.
  • by Barny Location: CS on Feb 10, 2009 at 09:28 AM
    Yes the Dems have it filled with pork projects, but the republicans are screaming for more tax breaks in it. Mistake is to give the wealthy tax breaks at this moment. The wealthy control the businesses and by no means are they gonna share the tax breaks with there employees. Heres an idea, if you take your business out of country to produce your goods for cheaper, you should pay extremely hire taxes than business that mfg. here in the states. I for one no longer buy american products made in for foreign lands. To support american companys building products in foreign lands is stupid and all Americans should refuse to support companys that have brought on job losses and sold out there nations people to build a cheaper product. To gain more wealth at the expense of there nation suffering. As for my tax returns I will not spend any of it in El Paso County. And the majority will be spent out of state where I don't have to pay CO. sales tax. I will not support Riveras corrupt city.
  • by JC Location: C/S on Feb 10, 2009 at 07:57 AM
    WATCH THIS CLOSELY FOLKS - THINK OF HAVING $888.00 DOLLARS, AND YOU'RE SPENDING $27.00 HERE AND $1.50 THERE....YOU STILL HAVE 100s OF DOLLARS TO SPEND. NOW ASK YOURSELF WHY YOU'RE NOT HEARING WHERE THOSE 100s ARE GOING. THE MEDIA HAS US FOCUSING ON THE SMALL AMOUNTS AND THEY MAKE A BIG DEAL ABOUT THEM. MEANWHILE, YOU'RE DISCTRACTED FROM ASKING ABOUT THE WHEREABOUTS OF THE BULK OF YOUR $888.00 DOLLARS.
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