Economic crisis does not only felt in the United Estates of America, it likewise hurt the economy of neighboring countries, especially in Europe countries. With the threats of economic downturn, World leaders vowed last Saturday to work hand on hand to fight economic crisis. As part of their plight, they also agreed to inject billions of cash to their banks to restore confidence to the fluttering financial system.
The government has started taking a number of steps to attack the crisis, Bush said Friday. These include helping homeowners to refinance into more affordable mortgages; cutting the target for the federal funds rate; unveiling a plan to support the market for commercial paper; and offering government insurance for money market mutual funds.
The plan will authorize the Treasury to buy bad mortgage-related investments from finance companies, unfreezing the credit markets by freeing up banks and finance firms to lend once again.more....
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