Stocks dive on new Treasury bailout scheme, Obama warnings

Orange County Register

02/10/09

Stocks plunged today on Wall Street after Washington rolled out new plan for the federal bailout of financial institutions and President Barack Obama warned that inaction could lead to an economic ‘catastrophe.’ Treasury Secretary Timothy Geithner unveiled plans for spending the second half of the $700 billion appropriated last year by Congress to revive the U.S. financial system. Geithner said the first $350 billion had failed to help. ‘Instead of catalyzing recovery, the financial system is working against recovery,’ he said...

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Informant: Thomas L. Knapp



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