Posted on 02/11/2009 9:01:29 AM PST by cc2k
NEW YORK (CNNMoney.com) -- The federal government's bank bailout just got a lot more complicated.
Treasury Secretary Tim Geithner, 143 days after his predecessor unveiled the first financial sector rescue plan, detailed his plan on Tuesday to rescue the financial sector.
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Financial stability trust
Aim: Prop up banks' capital position to generate a higher level of lending.
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Public-private investment fund
Aim: Help banks cleanse their holdings of "toxic" assets to get private lending up and running again.
Cost: Treasury didn't yet say how much it will invest in the program. They hope their investment will spark $500 billion to $1 trillion in private sector purchases of the troubled assets.
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Consumer and business lending program
Aim: Boost lending to consumers and business in order to restore the flow of credit and lower borrowing costs.
Cost: Up to $1 trillion.
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Transparency and accountability
Aim: Monitor and make public financial institutions' use of government-provided public funds and ensure taxpayer money isn't wasted.
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Affordable housing / Foreclosure prevention
Aim: Stop preventable foreclosures and make housing more affordable by lowering interest rates.
Cost: $50 billion for new foreclosure-prevention effort to be detailed in the next few weeks; $600 billion in previously announced mortgage plan.
(Excerpt) Read more at money.cnn.com ...
I thought this guy was so smart, he was the only guy who could run the treasury and get us through this. A whiz kid. Pay no attention to the fact that he can't figure out his own taxes when his employer spells it out for him.
This country will be so in debt in a year that we'll never get out.
Um, that’s the Obama plan, the change his sycophants voted for, didn’t ya know?
New boss, same as the old boss.
I Want to be a Company Man!
http://www.youtube.com/watch?v=KH-368sRdXg
Why don’t they just cut straight to the chase and nationalize the entire banking system. That’s what they want to do anyway............../disgust
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