BREAKING NEWS: US Unveils Multi-Trillion Dollar Plans To Save Financial System (Wrapup)

Tuesday, February 10, 2009 | Tag Cloud

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The Eccles Building in Washington, D.C., which serves as the Federal Reserve System's headquarters.

WASHINGTON D.C., USA (Worthy News) -- The U.S. Government, Senate and Federal Reserve on Tuesday, February 10, rushed to approve measures of roughly $3 trillion to save the financial system, as the president warned that America's economic crisis was more serious than previously thought.

The current economic crisis is "as deep and as dire as any since the Great Depression," President Barack Obama said.

United States Treasury Secretary Timothy Geithner topped the day, unveiling a new bank-bail out plan that experts said could reach $2 billion.

At the center of Geithner's plan is a public-private partnership to buy as much as $1 trillion of bad loans still on the books of financial institutions, effectively creating what is known as 'a bad bank.'

LENDING PROGRAM

Geithner said that it was also agreed that the Federal Reserve lending program will be expanded to $1 trillion from $200 billion. The Federal Reserve confirmed it would commit up to $1 trillion to make loans more widely available to consumers.

It was unveiled as the Senate voted 61-37 to approve a separate,  $838 billion economic-stimulus plan, with three moderate Republicans joining with the Democratic majority to overcome attempts by the minority party to block the legislation.

Lawmakers in the House and Senate were to gather to iron out the considerable differences between two versions of the legislation in an attempt to make President Obama sign the stimulus plan into law, within a week.

President Obama got word of the bill's passage while he attending a town hall meeting in the economically-stricken area of Fort Myers, Florida. "That's good news and I want to thank all of the members of the Senate who have moved te process forward," the president said. "We've still got to get the House bill and the Senate bill to match up before it gets sent to my desk, so we got a little more work to do over the next couple of days. But it's a good start."

BANK-BAIL OUT

However it was not immediately clear how legislators would react to his administration's bank-bail out plan. "Right now critical parts of our financial system are damaged. Instead of catalyzing recovery, the financial system is working against recovery, and that's the dangerous dynamic we need to change," Geithner stressed.

Yet, stocks dropped as investors expressed concern about a lack of specifics on plans from the Obama administration for addressing toxic assets.

The Dow Jones fell a whopping 381.99 points to close at 7888.88. Other broader indexes also fell. The Standard & Poor's 500-stock index shed 42.73 points, or 4.91 percent, to close at 827.16. The teach-heavy Nasdaq composite index sank 66.83 points, or 4.20 percent, to close at 1524.73. (With reporting by Worthy News' Stefan J. Bos and George Whitten).

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2 thoughts on “BREAKING NEWS: US Unveils Multi-Trillion Dollar Plans To Save Financial System (Wrapup)

  1. Praying!

    >>>>>()<<<<<<

    Trust

    "And the disciples were astonished at his words. But Jesus answereth again, and saith unto them, Children, how hard is it for them that trust in riches to enter into the kingdom of God!"
    "It is easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of God."
    "And they were astonished out of measure, saying among themselves, Who then can be saved?"
    "And Jesus looking upon them saith, With men it is impossible, but not with God: for with God all things are possible." Mark 10:24:27

    In The LORD

    "He shall not be afraid of evil tidings: his heart is fixed, trusting in the LORD." Psalms 112:7

    Always

    "Trust ye in the LORD for ever: for in the LORD JEHOVAH is everlasting strength:" Isaiah 26:4

    Trust

    "But seek ye first the kingdom of God, and his righteousness; and all these things shall be added unto you." Matthew 6:33

    God

    "For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life." John 3:16

  2. Until the United States wises up and brings God back into the picture as the Head of all things, Everything will continue to get worse and worse. This Country was founded In God and Had (In God we trust)as the motto, and thrived!! Now that God has been taken out of the equation we are seeing what happens without His Help, Wake up people. With God being taken out of our schools, out of the Government, etc... Things are steadily getting worse and will continue to get worse, no matter what the budget is!! I agree wiht Fresnoe Joe!! Trusting in Riches is a sure way to fall flat on your face. Jesus is the only answer!! We need God Our Country needs God!!

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