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Posted by admin on 2019-01-12 in 上海性息 with No Comments

The United States president George W Bush has pledged that the US government is acting to shore up the nation's ailing economy, but warned taxpayers they would bear a significant share of the cost.


“This is a pivotal moment for America's economy,” the president said.

“Problems that originated in the credit markets and first showed up in the area of sub-prime mortgages have spread throughout our financial system.”

“There will be ample opportunity to debate the origins of this problem. Now is the time to solve it.”

Rescue plan

US authorities are working with lawmakers to draw up a rescue plan which would involve buying up the assets such as mortgages from ailing banks, he said.

But he warned: “These measures will require us to put a significant amount of taxpayer dollars on the line. This action does entail risk. But we expect that this money will eventually be paid back.”

And he stressed: “The risk of not acting would be far higher.

“Further stress on our financial markets would cause massive job losses, devastate retirement accounts and further erode housing values as well as dry up loans for new homes and cars and college tuitions. These are risks that America cannot afford to take.”

High costs

Earlier, Treasury Secretary Henry Paulson said a rescue plan being drafted with congressional leaders to help purge bad assets from the banking sector would cost “hundreds of billions” of dollars.

“We're talking hundreds of billions. This needs to be big enough to make a real difference and get at the heart of the problem,” Paulson told reporters.

The latest efforts come amid an intensifying financial crisis that has sent global markets into a tailspin, despite a massive government bailout of insurance giant American International Group and a takeover of mortgage finance firms Fannie Mae and Freddie Mac.

The credit crunch has been caused by a meltdown in US home prices after a frenzied boom that induced a wave of investments before a collapse.

Economic optimism

Bush urged Americans to remain confident in the long-term future of their economy.

“Investors should know the United States government is taking action to restore confidence in America's financial markets so they can thrive again.

“In the long run Americans have good reason to be confident in our economic strength … This country is the best place in the world to invest and do business,” he said.

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