"Banks will fail"
WASHINGTON — Global financial markets remain severely strained, underscoring the need for quick action to implement the government's $700 billion rescue program, Treasury Secretary Henry Paulson said Wednesday.
Paulson said the financial market turmoil has hurt the economy, but he said the administration is moving quickly to begin the largest financial system rescue effort in history.
He said even with the program to buy bad assets from financial institutions, some banks will fail. He also called for patience saying "the turmoil will not end quickly and significant challenges remain ahead."
Paulson said the financial market turmoil has hurt the economy, but he said the administration is moving quickly to begin the largest financial system rescue effort in history.
He said even with the program to buy bad assets from financial institutions, some banks will fail. He also called for patience saying "the turmoil will not end quickly and significant challenges remain ahead."
posted by Kangaroo Brisbane Australia at 6:40 PM
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