President Bush Announces Credit Market Rescue Plan
President Bush – together with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke – confirmed that the Treasury Department will use taxpayer dollars to buy up hundreds of billions of dollars bad debt in order to remove the crippling liabilities from the balance sheet of struggling financial firms.
Dollar Rises Against the Yen on Positive News from Treasury Department
The greenback enjoyed a positive bounce against the yen today as word reached the markets that the Treasury Department planned to buy much of the bad debt leading to the ongoing strife in the credit markets.
Swiss Franc Falls on News of U.S. Bail-Out Plan
The Swiss franc dropped against the dollar as confidence returned somewhat on news of a high-profile bailout from the Treasury Department. Investors also left the swissie to bet on the higher yielding euro.
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