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President Bush announces $250 billion plan to buy bank shares
US President George W. Bush has announced a $250 billion plan by the government to buy shares in banks.
- Agencies
- Published: 16:28 October 14, 2008
Washington: US President George W. Bush has announced a $250 billion plan by the government to buy shares in banks, in the latest move to calm the turmoil in the financial markets and stave off a deep recession.
Bush, in the latest of a series of statements on the troubled economy, said that and other steps will help restore confidence and "return our economy to the path of growth and prosperity".
The president made his statement in the Rose Garden of the White House after an early morning meeting with his economic advisers.
"This is an essential short-term measure to ensure the viability of America's banking system," he said .
Bush also said the Federal Deposit Insurance Corp will insure most new debt issued by banks and expand insurance to cover non-interest bearing accounts. He insisted the government's steps would be limited and temporary.
"It will take time for our efforts to have their full impact, but the American people can have confidence about our long-term economic future," he said.
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