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Reply #6: Billions more needed for financial rescue [View All]

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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-29-09 05:50 AM
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6. Billions more needed for financial rescue
WASHINGTON The Obama administration is developing proposals to help rescue the banking system that could cost taxpayers hundreds of billions of dollars beyond the $700 billion bailout Congress already has approved.

Details are still being worked out. But the administration is looking to spend hundreds of billions more to address the foreclosure crisis, help banks get out from under weighty bad assets and expand liquidity programs.

....

But the government will have to commit far more money than policymakers were discussing even a few weeks ago.

....

The International Monetary Fund wrote in a report Wednesday that losses from banks in the U.S. and Europe already have topped $1 trillion and could reach $2.2 trillion.

At that rate, the banks will require "at least half a trillion dollars" to remain solvent, the report says.

http://news.yahoo.com/s/ap/20090129/ap_on_bi_ge/meltdow...
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