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Newspaper
Aiken Standard
Location
Aiken, South Carolina, United States of America
Date
Sep 25, 2008
Page
9
President Bush warned lawmakers that rejecting the 700 billion rescue plan could trigger a wave of foreclosures job losses and business closures. He urged immediate action saying the economy could enter a painful recession and urged bipartisan cooperation for a rescue.
Tensions rose on Wall Street amid uncertainties over a $700 billion government bank rescue plan and its timing. Traders sought safe havens in Treasuries while stocks fluctuated and Buffett's Goldman investment drew cautious attention amid congressional discussions on executive pay limits.
Former President Jimmy Carter criticized the 700 billion bailout as extremely faulty urging skepticism of Paulson's plan. He argued the outline is three pages and gives dictatorial power without supervision while presenting the figure as ten thousand dollars per American family.
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