Greenspan: the stock market in the process of beginning reversion, will still continue dropping
Securities Times, on February 19th hearing, the former Chairman of U.S. Federal Reserve, Alan Greenspan after retirement, the sound for his praise gradually disappeared but was replaced by some of critics. It was Widely seen that his highly regarded free-market, led now the United States to a serious economic recession. On 17th of local time, Alan Greenspan on the Economic Club of New York said that the current global economic recession inmany countries would become the most lasting and serious one since the last century of 30s, and the United States in order to stabilize the financial system, the Government needs to show more many of the relief funds.
The two auto giants of United States again hoped aid
GM and Chrysler announced Tuesday also that they required extra 21.6 billion U.S. dollars, making the total amount of assistance in Detroit be increased to 39 billion U.S. dollars. The two companies also said that in the future they may require more federal aid to maintain operations. In return, the two companies promised full reduction in production, in the hope of eventually be able to reduce costs and in the bleak market to survive. GM Tuesday submitted to the U.S. government as long as more than 100-page reorganization plan, including the request for additional assistance. The reorganization plan was published on web site of the U.S. Treasury Department.
Over 80 percent of American oppose to continue capital injection for car giants
Xinhuanet in Chicago on February 18th, “Wall Street Journal” has done a new poll in which showed that about 85% of American opposed to the Government to continue to GM and Chrysler invest into the relief funds. On 17th, GM and Chrysler to the U.S. Treasury Department has submitted their respective restructuring plans, with a view to obtaining further relief funds. According to the two companies’ plans, GM and Chrysler need 21.6 billion U.S. dollars of federal loans in order to ride out the storm. GM pointed out that the recent demand for relief funds was 9.1 billion U.S. dollars, and in the next two years if the state of car sales has no improvement, 7.5 billion U.S. dollars will also be required. Taking into account of the previously approved 13.4 billion U.S. dollars, general overall demand for relief funds will reach staggering 30 billion U.S. dollars.
United States announced the new scheme of housing aid of 75 billion U.S. dollars
The new government of Obama was in full swing to save the growing economic crisis of the United States. Following the signing of the economic stimulus plan and the publication of the rescue plan of financial industry, the purchase housing rescue plan of benefit of 9 million peoples surfaced yesterday, Obama intended to spend 75 billion U.S. dollars of funds through loan restructuring to avoid the expansion of foreclosure (mortgage redemption power loss). “First Financial Daily” yesterday received the electronic statement from United States Treasury which showed that Obama Government intended to spend 75 billion U.S. dollars of funds to bring down mortgage rates and loans prior to update.
Lifeboat trilogy of saving market out, and the White House with one hundred billion U.S. dollars to save “Housing slaves”
The “trilogy” of Obama seeking to save the U.S. economy is steadily advancing. After a record economic stimulus plan of a total 787 billion U.S. dollars signed, Obama was scheduled to release on the 18th a rescue plan for the property market, with the scale up to 100 billion U.S. dollars. Before that, U.S. Treasury Secretary Timothy Geithner has announced a “financial stability plan”with the size of two trillion U.S. dollars. The property market relates to the overall stability.
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