All these are short term tactics. USA would risk following Japan economic problems of the late 80s to the 90s. World trade is dominated in USD, and it will drag the whole world down with it.
Stupid BUSH, all his wars are creating the troubles for everyone, and those who supported him are going to kena as well.
We just wait and see how the market react. The recession is here and some are still trying to paint a rosy picture.
US financial rescue plan to cost "hundreds of billions" of dollars
Posted: 19 September 2008 2229 hrs
WASHINGTON - Treasury Secretary Henry Paulson said Friday a rescue plan for the troubled US financial sector will cost "hundreds of billions" of dollars.
"We're talking hundreds of billions. This needs to be big enough to make a real difference and get at the heart of the problem," Paulson told reporters ahead of talks with Congress on details of the massive rescue effort, unveiled initially late Thursday.
"We are going to be coming to them with a proposed legislative package and working with them to flesh out the details through the weekend and we're going to be asking them to take action on legislation next week," Paulson said.
Paulson announced "other immediate actions" including an acceleration of purchases of mortgage securities by the Treasury and by Fannie Mae and Freddie Mac, the two government-sponsored enterprises taken over by the government this month in the face of massive losses.
Republican Senator Richard Shelby said earlier the overall cost of government actions to steady the financial sector could be one trillion US dollars, including 500 billion US dollars for the new effort to clean up bad assets from bank balance sheets.
"I figure it will be at least half a trillion," Shelby said in an ABC television interview.
"But if you look at what the Fed has already done, and the extension of power to Treasury to deal with Fannie Mae and Freddie Mac, I believe we're talking about a trillion dollars," he said.
Stupid BUSH, all his wars are creating the troubles for everyone, and those who supported him are going to kena as well.
We just wait and see how the market react. The recession is here and some are still trying to paint a rosy picture.
US financial rescue plan to cost "hundreds of billions" of dollars
Posted: 19 September 2008 2229 hrs
WASHINGTON - Treasury Secretary Henry Paulson said Friday a rescue plan for the troubled US financial sector will cost "hundreds of billions" of dollars.
"We're talking hundreds of billions. This needs to be big enough to make a real difference and get at the heart of the problem," Paulson told reporters ahead of talks with Congress on details of the massive rescue effort, unveiled initially late Thursday.
"We are going to be coming to them with a proposed legislative package and working with them to flesh out the details through the weekend and we're going to be asking them to take action on legislation next week," Paulson said.
Paulson announced "other immediate actions" including an acceleration of purchases of mortgage securities by the Treasury and by Fannie Mae and Freddie Mac, the two government-sponsored enterprises taken over by the government this month in the face of massive losses.
Republican Senator Richard Shelby said earlier the overall cost of government actions to steady the financial sector could be one trillion US dollars, including 500 billion US dollars for the new effort to clean up bad assets from bank balance sheets.
"I figure it will be at least half a trillion," Shelby said in an ABC television interview.
"But if you look at what the Fed has already done, and the extension of power to Treasury to deal with Fannie Mae and Freddie Mac, I believe we're talking about a trillion dollars," he said.
