Stimulus Plan for Banking Crisis Could Reach $1 Trillion
In an effort to deal with the looming banking crisis, President Barack Obama and his allies are pushing for a new stimulus bill that will cost the Federal Reserve almost $1 trillion. With this stimulus money, the government is planning to purchase toxic assets of small businesses which are throttling the banking system.
In an effort to provide solution to the looming banking crisis, President Barack Obama and his allies are pushing for a new stimulus bill that will cost around $1 trillion.
With this stimulus money, the government will purchase toxic assets or loans of small businesses and individuals which are choking the financial system.
US lawmakers are discussing plans on how to address the financial crisis which is undermining the overall economy, with much focus on the banking industry which experienced meltdown in September last year.
The President’s allies believe that injecting stimulus money to the banking system will help individuals and small business owners to refinance their companies. The new plan is said to be more effective since average Americans will be the one to benefit instead of business giants who have experienced financial meltdown due to management failure.
Meanwhile, the newly proposed stimulus bill has its own critics who doubt if the government has enough money to finance the purchase of toxic assets and loans of small companies.
On the other hand, some experts laud the government’s new effort to boost the economy, saying that purchasing loans toxic assets is more corruption-prone than giving financial aid to a selected group of business giants.
Recently, bailout company American International Group (AIG) was under controversy after giving $165 million to its top executives.
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