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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Treasury Lays Out Plan to Improve Financial Stability

The head of the government's $700 billion financial rescue plan said that officials are assembling a "tool kit" of methods to implement the program, including investing money directly into banks and buying individual mortgages from them.

Staff writer Peter Whoriskey reports on the 8 a.m. speech by Neel Kashkari, interim assistant secretary for financial stability.

Kashkari said a team is being assembled and hopes to move quickly to improve conditions that have left the country's credit markets "extremely impaired."

Among the measures Treasury is working on is a plan to purchase mortgage backed securities, to purchase whole loans from banks, and to insure "troubled assets," as well as a plan to purchase an equity stake in some institutions.

Read the full story and the speech.

By Zachary Goldfarb  |  October 13, 2008; 8:40 AM ET
Categories:  The Ticker  
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Comments

I hate to say it, but the public is totally screwed there in Washington, the work goes on and we know they are just going to screw us more and more. I think you will be seeing more of these headlines about suicides and people killing their families. It's sad. The other group has hundreds of millions or billions of dollars and they are heartless, souless and greedy. You're possibly better off dead. You're going to die anyway. The scum in Washington is just going to bleed you to death slowly. It's like a hall of vampires. Forget about it. I'm having a drink.

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Posted by: Night Mayor | October 13, 1908 11:56 AM | Report abuse

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