Latest economic recovery plan hits $1 trillion
Monday, March 23, 2009 : Permalink10 News – Investors will be listening closely to details of the $1 trillion toxic asset-purchase program to be announced Monday as the Obama administration seeks to provide enough information to satisfy markets and avoid the kind of stock meltdown seen last month.
Then, Treasury Secretary Timothy Geithner disappointed by giving only broad outlines of the government’s approach to kick-start lending and the overall economy. With the sharp market plunge that followed Geithner’s speech on Feb. 10 still a fresh memory, administration officials Sunday sought to temper expectations for Monday’s announcement. "Ridding bank balance sheets of problem assets is the next step in that process of fixing the financial system, but it alone won’t solve the credit problem," Treasury Department spokesman Andrew Williams says.
Tags: administration officials, balance sheets, bank balance, economy, international partners, investors, John Rutledge, market plunge, memory, private equity investment firm, problem assets, stock meltdown, temper, treasury-department, treasury-secretary, trillion, uk london
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