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The US treasury’s US$700 billion (A$870 billion) financial rescue plan announced Friday prompted a strong US market rebound and hopes now hinge on speedy Congress approval.
Secretary Treasury Henry M Paulson Junior said the plan would address the “root cause” of the current meltdown by removing distressed assets from the financial system.
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Under the plan, the treasury would have authority to step in as a buyer of troubled mortgage assets that few, if any, other institutions would want to purchase.
The proposal however may stall in a democrat-dominated Congress as lawmakers consider the impact of the added burden on tax payers and an economy already weighed down by national debt.
Published: 22-09-08
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