Business | Markets
Bush: Financial bailout's final cost will be less
President George W. Bush on Saturday sought to allay concerns about a $700 billion financial bailout, saying the final cost of the plan would be far less because the price of troubled loans bought
- Agencies
- Published: 18:35 September 27, 2008
- Image Credit: AP
- President George W. Bush said he was confident that legislation on financial bailout being negotiated with Congress would be passed "very soon" and there was "widespread agreement" on major principles.
Washington: President George W. Bush on Saturday sought to allay concerns about a $700 billion financial bailout, saying the final cost of the plan would be far less because the price of troubled loans bought by the government would rise over time.
Bush said he was confident that legislation being negotiated with Congress would be passed "very soon" and there was "widespread agreement" on major principles.
"We must free up the flow of credit to consumers and businesses by reducing the risk posed by troubled assets," Bush said in his weekly radio address. "We must ensure that taxpayers are protected, that failed executives do not receive a windfall from your tax dollars, and that there is a bipartisan board to oversee these efforts."
Bush repeated his warnings that failure of the financial system would put the economy in danger and on a path toward a "deep and painful recession."
More from Markets
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
