Paulson and Bernanke Stampede Washington - Continue Raid On The Public Purse
Citing Grave Financial Threats, Officials Ready Massive "Rescue"
By Binyamin Appelbaum and Lori Montgomery
The Bush administration is urgently preparing a massive intervention to" revive" the U.S. financial system, including a plan to sweep away the unpaid loans that are choking banks and blocking the flow of money to borrowers. - Paulson and Bernanke presented a "chilling" picture of the state of the financial system. - The plan involves using hundreds of billions of dollars in government funding to buy bad loans, leaving banks with more money and fewer problems, according to two sources familiar with what was said at the meeting. Continue
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