President Bush said this morning that the administration's "unprecedented and aggressive" plan to partly nationalize nine major banks was an "essential short-term measure to ensure the viability" of a battered financial system.
With the government poised to invest $250 billion of taxpayers' money into private banks, Bush and top economic policymakers tried to emphasize in morning remarks that the dramatic proposal was not meant to undermine the country's free market principles. Treasury Secretary Henry M. Paulson Jr. called parts of the proposal "objectionable. . . . Today's actions are not what we ever wanted to do."
http://www.washingtonpost.com/wp-dyn/content/article/2008/10/14/AR2008101400738.html?hpid=topnews
video
http://www.washingtonpost.com/wp-dyn/content/video/2008/10/14/VI2008101400717.html
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