Latest Henry Paulson Stories
By ALAN ZIBEL By Alan Zibel The Associated Press WASHINGTON Home prices. That's what the Bush administration's historic Wall Street bailout is really about.
From wire reports WASHINGTON Struggling to stave off financial catastrophe, the Bush administration on Friday laid out a bailout plan involving a takeover of a half-trillion dollars or more in worthless mortgages and other bad debt held by tottering institutions.
By Tom Raum and Jeannine Aversa Associated Press WASHINGTON -- Struggling to stave off financial catastrophe, the Bush administration on Friday laid out a radical bailout plan with a jaw-dropping price tag -- a takeover of a half-trillion dollars or more in worthless mortgages and other bad debt held by tottering institutions.
Following are remarks on the economy made Friday by U.S. President George Bush in Washington. Good morning. I thank the treasury secretary, Hank Paulson, Federal Reserve Chairman Ben Bernanke and SEC Chairman Chris Cox for joining me today. This is a pivotal moment for America's economy.
The federal government must take "further, decisive action" to fix the cause of the U.S. financial system's crisis, the U.S. Treasury chief said Friday. Treasury Secretary Henry Paulson said the government set up a temporary guarantee program for U.S. money market mutual funds.
U.S. President George Bush outlined Friday a number of far-reaching and costly steps aimed at staunching a growing financial crisis. "We must act now to protect our nation's economic health from serious risk," Bush said.
By Patrick Rizzo, Jeannine Aversa and Martin Crutsinger Associated Press WASHINGTON -- The stock market finally found reason to rally Thursday, and Congress promised quick action as the Bush administration prepared a plan to rescue banks from the bad debt at the heart of the worst crisis on Wall Street since the Great Depression.
By Ellen Simon NEW YORK - The Federal Reserve forged an extraordinary $85 billion rescue Tuesday night of insurance giant American International Group Inc., offering a respite from two days of chaos in the American financial system.
The U.S. economy presents a "very mixed picture right now," but is strong enough to overcome the latest crisis, a White House spokeswoman said Wednesday.
WASHINGTON [AP] -- In a bid to save financial markets and economy from further turmoil, the U.S. government agreed Tuesday to provide an $85 billion emergency loan to rescue the huge insurer AIG.
- Monstrous in size or character; huge; prodigious; monstrously perverse, savage, cruel, etc.