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Treasury Secretary Timothy Geithner on February 10 outlined a "Financial Stability Plan" that would supposedly stop the financial crisis in its tracks through accelerated spending, borrowing, and money creation. "Right now critical parts of our financial system are damaged," Geithner told his audience. "Instead of catalyzing recovery," Geithner continued, "the financial system is working against recovery and that's the dangerous dynamic we need to change." That is, it's not pumping enough new money into the economy.
A joint statement by Geithner, Federal Reserve Chairman Ben Bernanke, and other officials was released in conjunction with Geithner's speech, explaining the programs the government and the Fed would be pursuing to catalyze recovery and get credit flowing once again. According to the joint statement, the core program elements include:
* A new Capital Assistance Program to help ensure that our ...
Source: HighBeam Research, The government's and the Fed's latest bailout plans.(Inside...