Bush: 'Extraordinary and historic investment' in U.S. banks - News, Weather, Sports, Toledo, OH

Bush: 'Extraordinary and historic investment' in U.S. banks

Posted by LS

Bush announces new step to steady banking industry

WASHINGTON (AP) - President Bush has announced a $250 billion plan by the government to directly buy shares in the nation's leading banks. He says the moves are "not intended to take over the free market but to preserve it."

Bush says the federal government will use part of the $700 billion bailout law to inject money into banks "by purchasing equity shares." He says the Federal Deposit Insurance Corporation will "temporarily guarantee" most new debt issued by insured banks.

The FDIC also will expand government insurance to cover all non-interest bearing accounts, aiding small businesses in covering their day to day operations. And the president says the Federal Reserve will "soon finalize work" on a new program to serve as a buyer of last resort for commercial paper.

More on CNNMoney.com

Read more on CNNMoney.com: U.S. pulls the trigger.

  • Headlines from Lucas, Wood, Ottawa, Fulton & Monroe CountiesNewsMore>>

  • VIDEO: Man caught on camera breaking into supermarket

    VIDEO: Man caught on camera breaking into supermarket

    Wednesday, August 15 2018 10:44 AM EDT2018-08-15 14:44:42 GMT
    (Source: TPD)(Source: TPD)

    Toledo police are asking for the public's help in identifying a man wanted for breaking and entering.  Police say the man broke into the Red & White Market on North Detroit. Attempt to Identify Anyone with information should call Crime Stopper at 419-255-1111. Copyright 2018 WTOL. All rights reserved.

    More >>

    Toledo police are asking for the public's help in identifying a man wanted for breaking and entering.  Police say the man broke into the Red & White Market on North Detroit. Attempt to Identify Anyone with information should call Crime Stopper at 419-255-1111. Copyright 2018 WTOL. All rights reserved.

    More >>
  • BGSU unveils 2 new helmets for 2018 football season

    BGSU unveils 2 new helmets for 2018 football season

    Wednesday, August 15 2018 9:51 AM EDT2018-08-15 13:51:53 GMT
    BGSU unveils two new helmets for the 2018 football season (Source: BGSU)BGSU unveils two new helmets for the 2018 football season (Source: BGSU)
    BGSU unveils two new helmets for the 2018 football season (Source: BGSU)BGSU unveils two new helmets for the 2018 football season (Source: BGSU)

    BGSU is showing off two new helmets for this season. The Falcons have their annual Military Appreciation Helmet and a new orange helmet.

    More >>

    BGSU is showing off two new helmets for this season. The Falcons have their annual Military Appreciation Helmet and a new orange helmet.

    More >>
  • Toledo Area Sanitary Dist.: More than 170 mosquito samples tested positive for West Nile virus this season

    Toledo Area Sanitary Dist.: More than 170 mosquito samples tested positive for West Nile virus this season

    Wednesday, August 15 2018 9:40 AM EDT2018-08-15 13:40:13 GMT
    Protect yourself from mosquitoes this summer (Source: Toledo Area Sanitary Dist.)Protect yourself from mosquitoes this summer (Source: Toledo Area Sanitary Dist.)
    Protect yourself from mosquitoes this summer (Source: Toledo Area Sanitary Dist.)Protect yourself from mosquitoes this summer (Source: Toledo Area Sanitary Dist.)

    More than 170 pooled mosquitoes samples have tested positive for West Nile virus so far this season, according to the Toledo Area Sanitary District. 

    In the most recent results the district received from the Ohio Department of Health, almost half of the pooled samples submitted for testing had some level of the virus. 

    More >>

    More than 170 pooled mosquitoes samples have tested positive for West Nile virus so far this season, according to the Toledo Area Sanitary District. 

    In the most recent results the district received from the Ohio Department of Health, almost half of the pooled samples submitted for testing had some level of the virus. 

    More >>
Powered by Frankly