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MS.Spencer - “But today does mark the beginning of the...

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Treasury Secretary Geithner’s new bank bailout plan devoted to flood the financial system up to $2.5 trillion. One part of the plan will create bad banks that rely on taxpayer and private money to purchase and hold banks’bad assets Another parts of the plan will stretch the $350 billion that the Treasury has for the bailout by relying on the Federal Reserve’s ability to create money. The last part of the plan will give banks new helpings of capital. Banks that receive government assistance will have to cut the salaries of their executives and stridently limit dividends and corporate acquisitions. The provisions of the stimulus bill that President Obama just signed.
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Unformatted text preview: “But today does mark the beginning of the end, the beginning of what we need to do to create jobs for Americans scrambling in the way of layoffs.” Mr. Obama began the first leg of a two-day trip, using the museum ceremony to spotlight the bill’s clean-energy provisions. The president will also visit Phoenix, where he will unveil his new housing plan on Wednesday. Mr. Obama’s message is that the bill will create or save 3.5 million jobs over the next two years. In describing the package, the press secretary called it “a strong start towards economic viability” and “the beginning of getting our economy back on track....
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  • Spring '08
  • BEZDEK
  • President of the United States, Financial crisis of 2007–2010, Timothy Geithner, Bailout, Treasury Secretary Geithner

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