WASHINGTON AP-Struggling to calm a financial hurricane, the Bush administration on Friday laid out a radical bailout plan with a jawdropping price tag - a takeover of hundreds of billions of dollars in worthless mortgages and other bad debt.Relieved investors sent stocks soaring on Wall Street and around the globe.
September 19, 2008 at 12:00 AM
1 minute read
WASHINGTON AP-Struggling to calm a financial hurricane, the Bush administration on Friday laid out a radical bailout plan with a jawdropping price tag – a takeover of hundreds of billions of dollars in worthless mortgages and other bad debt.
Relieved investors sent stocks soaring on Wall Street and around the globe. The Dow-Jones industrials average rose 368 points after surging 410 points the day before on rumors the federal action was afoot.
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