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Bailout to cost ‘hundreds of billions’; new measures unveiled September 19, 2008

Posted by trouble97018 in Economy, News, Politics.

Posted on Friday, September 19, 2008

WASHINGTON — The Bush administration unveiled additional unprecedented steps Friday morning to protect investors and calm the panicky financial markets, and acknowledged for the first time that it seeks to spend “hundreds of billions” in taxpayers’ money to help get bad assets off the balance sheets of troubled banks.

The Treasury announced Friday that it will provide up to $50 billion for a new insurance program for vital money-market funds, and the Securities and Exchange Commission announced that it’s temporarily braking certain kinds of stock-market trading practices that critics say are driving financial companies to the brink of ruin.  Source Article



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