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Log inBush to give pep talk to anxious country Friday
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Bush to give pep talk to anxious country Friday
by Outspoken on Fri Oct 17, 2008 5:41 am
Bush to give pep talk to anxious country Friday
By JEANNINE AVERSA
AP Economics Writer
WASHINGTON – Wild gyrations on Wall Street, a loss of confidence in the U.S. banking system and worries the economy will be weak for some time are raising Americans' anxiety level.
Against this backdrop, President Bush on Friday was to give the nation a more detailed explanation of what the government is doing to battle the worst financial crisis in more than a half-century.
Despite a flurry of radical actions by the Bush administration and the Federal Reserve, banks in the United States and abroad are still wary of lending money to each other and to their customers. The credit clog is depriving the wheezing U.S. economy of oxygen.
Financial and credit problems have dragged on for more than a year and took a dangerous turn for the worse last month. All the fallout threatens to plunge the U.S. economy — as well as the world economy — into a painful recession.
White House officials said Bush didn't intend to put forward any new policy actions. The president was delivering his address at the U.S. Chamber of Commerce headquarters across from the White House.
Earlier this week, the Treasury Department announced it would inject up to $250 billion in U.S. banks in return for partial ownership stakes, something that hasn't been done since the Great Depression of the 1930s. The government hopes banks will use the capital infusions to rebuild their reserves and bolster lending to customers.
Bush and his top economic aides have repeatedly asked Americans to be patient and give the government's relief efforts time to work. Democrats on Capitol Hill, though, insist another round of economic stimulus is needed.
So far this year, 15 banks have failed, compared with three last year. And Wall Street's five biggest investment firms were swallowed by other companies, filed bankruptcy or converted themselves into commercial banks to weather the financial storm.
http://news.yahoo.com/s/ap/20081017/ap_on_bi_ge/financial_meltdown
By JEANNINE AVERSA
AP Economics Writer
WASHINGTON – Wild gyrations on Wall Street, a loss of confidence in the U.S. banking system and worries the economy will be weak for some time are raising Americans' anxiety level.
Against this backdrop, President Bush on Friday was to give the nation a more detailed explanation of what the government is doing to battle the worst financial crisis in more than a half-century.
Despite a flurry of radical actions by the Bush administration and the Federal Reserve, banks in the United States and abroad are still wary of lending money to each other and to their customers. The credit clog is depriving the wheezing U.S. economy of oxygen.
Financial and credit problems have dragged on for more than a year and took a dangerous turn for the worse last month. All the fallout threatens to plunge the U.S. economy — as well as the world economy — into a painful recession.
White House officials said Bush didn't intend to put forward any new policy actions. The president was delivering his address at the U.S. Chamber of Commerce headquarters across from the White House.
Earlier this week, the Treasury Department announced it would inject up to $250 billion in U.S. banks in return for partial ownership stakes, something that hasn't been done since the Great Depression of the 1930s. The government hopes banks will use the capital infusions to rebuild their reserves and bolster lending to customers.
Bush and his top economic aides have repeatedly asked Americans to be patient and give the government's relief efforts time to work. Democrats on Capitol Hill, though, insist another round of economic stimulus is needed.
So far this year, 15 banks have failed, compared with three last year. And Wall Street's five biggest investment firms were swallowed by other companies, filed bankruptcy or converted themselves into commercial banks to weather the financial storm.
http://news.yahoo.com/s/ap/20081017/ap_on_bi_ge/financial_meltdown
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Plato (427-347 BC)
Plato (427-347 BC)
