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Paulson: U.S. to buy stock of troubled banks
October 10th, 2008, 7:38 am · 8 Comments · posted by John Gittelsohn
U.S. Treasury Secretary Henry Paulson says the government will begin buying equity shares in troubled banking and financial companies for the first time since the Great Depression of the 1930s, AP reports.
Paulson
The authority is part of the $700 billion bailout package passed by Congress.
“As we develop plans to purchase equity … we are working to develop a standardized program that is open to a broad array of financial institutions,” Paulson said in a statement.
The announcement came after another wild ride on Wall Street Friday. Stocks plunged below the 8,000-point line, bounced into positive territory and finally closing at 8,451, a 128-point end-of-day loss.
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President George W. Bush, speaking after markets opened, urged calm in comments that focused on efforts to address problems.
“Anxiety can feed anxiety, and that can make it hard to see all that is being done to solve the problem.,” Bush said in a White House talk.
International finance leaders were meeting in Washington to address the global crisis.
Wall Street’s modest fall came after Japan’s Nikkei 250 Index lost 9.5% and London’s FTSE index sank 6.5%.
In other meltdown news:
- Wall Street plunges, continuing devastating losses
- Wall Street fear gauge rises to record high again
- European markets plunge again; Nikkei plummets
- August trade deficit falls to $59.1B
- Oil plummets below $83 on global slowdown fears
- O.C. firm getting slice of of bailout billions
What to do with your money …
- VOTE: ‘Did media miss the financial crisis?’
- O.C. economist: Time to start buying good stocks
- Credit expert: Fed rate cut won’t help consumers
- O.C. investment experts say don’t buy yet — but get ready
- Yikes! What do I do with my money now?
- Should I bail on my 401(k)? Is my savings safe in my bank?
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Wow! I think my relatives will get gold for Chirstmas.
That Smart car is looking pretty smart too.
The survivalist will be coming back I think.
Investments - fuel cells, hummmm.
Illegal immigration - I think Americans will be needing those jobs back now Mr. Kennedy.
That $700 billion dollars could have been used to help citizens who will suffer enormously due to the economic meltdown. They will need the basics…food and shelter. But no. In all their wisdom our deities in Washington DC thwarted the will of their constituents and gave the $700 billion to the Wall Street crooks and foreign bankers. They told us that we just didn’t understand and that they knew what was best for us. How did that work out?
When you vote on November 4th make sure you know who voted for the bailout bill a week ago. Kick them out of office!
the decline of the american empire is here to stay.
Hmm, what to do with all those McMansions in Coto and CDM?? Worker housing? Should get anywhere from 15 to 20 units in each one. Oh, yes, and take down those gates.
Whoever thought that changes of this magnitude would be noticed over night is unrealistic. We need to give it a few weeks to let everything get into motion thats been put into place.
We do need to remember that our Freddy and Fanny friends put us in this mess we are today. Leave it to the democratic congress who didn’t pass legislation to fix things that weren’t working out so well prior to this mess.
Wall street didn’t get the whole slice of the pork bailout. Check out azcentral.com mass transit riders aka illegals get over $300 a month for riding the bus…
For info on how it all began, read the article titled “It’s Not Always The Pork. The Cows All Have To Be Fed Too.” at http://www.cliffyworld.com/blogs
Tim Wagoner:
The republicans held the majority of congress and the executive office from 2003-2007. And you are blaming the democrats for this mess? Why did the republican sit on their hands? There is a video of Bush circulating on the web that shows him endorsing and encouraging Fannie and Freddie to give low income households with poor credit ratings the option of $0 down payments and teaser interest rates on housing. He stated that there is no good reason that the poor should not have just as nice a home as everyone else. If you can’t find the video let me know. I will be happy to post if for you. Put down the koolaid, pal.