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WASHINGTON - Treasury Secretary Henry Paulson said Friday that the Bush administration will move ahead with a plan to buy stock in financial institutions.
Paulson said the program to purchase stock in financial institutions will be open to a broad array of institutions.
Originally posted by Mainer
They moved ahead @ 3pm today. Now you know where that unprecedented rise in the DOW came from.
The plan calls for banks to be recapitalized with public and private funds, but makes no specific mention of another common suggestion: Guaranteeing all interbank debt worldwide.
The G7 meeting came as global stock markets endured another volatile day. Investors around the world scrambled to move their funds into the safest and most liquid investments, such as cash and government bonds, fearing that the seizing up of credit markets could lead to a major recession and the failure of large corporations.
In a press conference, Paulson gave some new details of the emerging plans by the U.S. federal government to inject capital directly into a "broad array" of financial firms.
fascism: (făsh'ĭz'əm)A system of government marked by centralization of authority under a dictator, stringent socioeconomic controls…
US Military Dictionary: fascism:n. 1. an authoritarian and nationalistic right-wing system of government and social organization...
Historian Gaetano Salvemini argued in 1936 that fascism makes taxpayers responsible to private enterprise, because "the State pays for the blunders of private enterprise... Profit is private and individual. Loss is public and social."