Bush: $250B to buy stocks in banks

News Type: Opinion — Seeded on Tue Oct 14, 2008 7:39 AM EDT

Article Source: The Washington Times

The Bush administration will spend $250 billion this year to purchase stock in banks and take a number of other bold steps in an effort to combat a global credit crisis that is threatening to push the country into a deep recession, industry and government officials say.

President Bush was scheduled to announce the new initiatives early Tuesday after executives of the country's biggest banks were summoned to a remarkable meeting at the Treasury Department on Monday. Treasury Secretary Henry Paulson basically told the bank CEOs that they had to accept the government stock purchases for the good of the U.S. economy.

The administration plans to spend $250 billion of the $700 billion government rescue program passed by Congress on Oct. 3 to make stock purchases this year. The first purchases will be in nine large banks, officials said. The industry and government officials spoke on condition of anonymity because the details were yet to be formally released.

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{"commentId":3472955,"authorDomain":"travelbizcash"}

Dan-470975

So lets see if we understand this the government loans banks taxpayer money so they can in turn loan the money back to taxpayers, why can't we just eliminate the middleman ? :)

Republicans are socializing and nationalizing the banking industry, (and they call dems/liberals socialists??)

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#1 - Tue Oct 14, 2008 7:44 AM EDT

{"commentId":3473124,"authorDomain":"immortalstar-2000"}

Ron-632364

If Obama, alone, had suggested nationalizing the banks a month ago would he still be a viable candidate? No. Knowing what we know now, it's time to change. If McCain is elected, the vast majority of his administration will be made up of the same incompetents who are in Bush's administration. Time to change. YES WE CAN!

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#2 - Tue Oct 14, 2008 8:10 AM EDT

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Meltdown 101: Will government stake in banks help?	Associated Press	Tue Oct 14	0
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DAN-470975

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Bush: $250B to buy stocks in banks

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