Featured Stories World News Commentary Money Watch Multimedia Prison Planet U.S. News Science And Technology

Bush Urges Quick Action on Financial Rescue Package

  • Print The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

Roger Runningen
Bloomberg
Monday, Sept 22, 2008

President George W. Bush said the administration’s $700 billion plan to buy troubled financial assets must be enacted quickly and that failure to act would spread damage to the entire country.

“Failure to act would have broad consequences far beyond Wall Street,” Bush said in a statement today before leaving the White House for a three-day annual meeting of the United Nations General Assembly in New York. “It would threaten small business owners and homeowners on Main Street.”

The three-page rescue plan sent to Congress Sept. 20 empowers Treasury Secretary Henry Paulson to purchase mortgage- related securities from U.S. financial companies. The administration widened the scope of bad loans that may be acquired, potentially including car loans, credit-card debt and other devalued assets held by banks.

(Article continues below)

The most sweeping intervention by the federal government into capital markets since the Great Depression is aimed at removing bad loans from company balance sheets and restoring market stability.

Investors remained concerned. The Standard and Poor’s 500 Index fell 22.13, or 1.76 percent, to 1,232.95 at 10:23 a.m. in New York. The Dow Jones Industrial Average fell 154.83, or 1.36 percent, to 11,233.61.

Full article here

This article was posted: Monday, September 22, 2008 at 11:35 am





Infowars.com Videos:

Comment on this article

Comments are closed.

Watch the News

FEATURED VIDEOS
Should Obama Be Impeached? See the rest on the Alex Jones YouTube channel.

Border Collapse: A Cold Blooded Political Takeover See the rest on the Alex Jones YouTube channel.

© 2013 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.