US President George W Bush has defended a rescue package to tackle the worst financial markets crisis for decades.
The cost to taxpayers from shoring up markets was better than the alternative of job losses and blighted retirement accounts, he said in a radio address.
The US Treasury is proposing a fund worth up to $800bn (£440bn) to buy back a large proportion of the bad debt in the US mortgage market.
The fund would hold the debts until they can be sold off in the future.
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