McComb Enterprise-Journal

Administration scampers to enact bailout

Posted: 10/13/08 - 12:40:55 pm CDT

WASHINGTON (AP) — The Bush administration said today it’s moving quickly to implement a $700 billion rescue program, including consulting with private law firms on how to buy ownership shares in banks to help thaw frozen lending and get the economy moving again.

The announcement came as Europe’s central banks began to take unified actions today aimed at easing the credit crisis.

The coordinated efforts by European and U.S. authorities to prop up the banking system brought a measure of relief to markets. European markets opened strongly today following Asia’s lead in response to the widespread government initiatives.

U.S. stock markets also appeared headed for a higher opening after eight sessions of devastating losses.

The administration today announced the selection of a team of interim managers, picked from an outside firm to help run the program and tapped Federal Reserve Chairman Ben Bernanke to head up the oversight board guarding against conflicts of interest.

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