Monday, September 29, 2008

Wall Street bailout restore confidence, stability in US financial system: Bush

WASHINGTON, Sept. 29 (KUNA) -- The sweeping Wall Street bailout bill negotiated by congressional leaders over the weekend will help restart the flow of credit for U.S. families and businesses, and will "make clear that the United States is serious about restoring confidence and stability in our financial system," President George W. Bush said on Monday.

The bipartisan economic rescue plan addresses the root cause of the U.S. financial crisis -- the assets related to home mortgages that have lost value during the housing decline, the President said in an early morning appearance on the South Lawn of the White House.

"Under the Emergency Economic Stabilization Act, the federal government will be authorized to purchase these assets from banks and other financial institutions, which will help free them to resume lending to businesses and consumers," Bush said.
Read more:

No comments: