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Bush Announces Details Of Bank Rescue Plan

  » Tuesday, October 14, 2008 - 7:49 am
Bush Announces Details Of Bank Rescue Plan

WASHINGTON (AP) - President Bush has announced a $250 billion plan by the government to directly buy shares in the nations leading banks. He says the moves are "not intended to take over the free market but to preserve it." Bush says the federal government will use part of the $700 billion bailout law to inject money into banks "by purchasing equity shares." He says the Federal Deposit Insurance Corporation will "temporarily guarantee" most new debt issued by insured banks. The FDIC also will expand government insurance to cover all » More

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READ FULL TEXT OF RELEASE
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Soldier Wants Puppy From Iraq…

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