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DESPITE BILLIONS IN BAILOUT, BANKS TEETER NEAR COLLAPSE 

NEW YORK - Wall Street is losing faith in Washington's efforts to fix the financial crisis. As bank losses pile up and bank stocks plunge, investors have an urgent question for the new Obama administration: What's the plan?

Timothy Geithner, Obama's pick for treasury secretary, had few answers as he began confirmation hearings Wednesday. He told lawmakers that two goals were to "get credit flowing again" and overhaul the $700 billion bailout, but he offered few details.

There's a lot riding on the new administration. Several of the largest U.S. banks, saddled with soured mortgage-backed assets, are edging toward the danger zone despite injections of billions of dollars from the government last year.

At the same time, the recession is gathering force, chewing up jobs by the hundreds of thousands and ruining many consumer and business loans that were once thought to carry little risk.

www.newsmax.com/newsfront/bank_collapse/2009/01/21/173876.html

 

 
 

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