US Treasury Secretary Timothy Geithner has unveiled a comprehensive bank bail-out plan
worth at least $1.5 trillion!
Under the plan, the size of a key Federal Reserve lending program will be expanded to $1 trillion from $200bn. In addition, a public-private investment fund of $500bn will be created to absorb banks’ toxic assets and could be expanded to $1 trillion.
Leading US stock indexes fell sharply after Mr Geithner unveiled the new plan, as many analysts expressed scepticism. “It’s not big enough. There are few details. The administration is trying to buy time and they don’t get the fact that we need to get something yesterday,” said Joseph LaVorgna, chief US economist at Deutsche Bank Securities in New York.
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