|
|
Article: U.S. takes plunge into banking business
- Article from:
- Deseret News (Salt Lake City)
- Article date:
- October 15, 2008
- Author:
CopyrightCopyright 2008 Deseret News (Salt Lake City). Provided by ProQuest LLC. (Hide copyright information)
|
WASHINGTON -- Big banks started falling in line Tuesday behind a
rejiggered bailout plan that will have the government forking over
as much as $250 billion in exchange for partial ownership -- putting
the world's bastion of capitalism and free markets squarely in the
banking business.
Some early signs were hopeful for the latest in a flurry of
radical efforts to save the nation's financial system: Credit was a
bit easier to come by. And stocks were down but not alarmingly so
after Monday's stratospheric leap.
The new plan, President Bush declared, is "not intended to take
over the free market but to preserve it."
It's all about cash and confidence and persuading banks to lend
money more ...