Politics & Government

October 13, 2008

Bush: U.S. stake in 9 banks needed to preserve capitalism

President Bush this morning announced that the federal government will take direct ownership stakes in nine U.S. banks and guarantee nearly all lending in the United States in an unprecedented intervention in U.S. business. Recognizing the unusual nature of the intervention, which stopped short of seizure but was not voluntary for the banks, Bush said the intent was not to end capitalism but "to preserve it."

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