Korean Job Discussion Forums

[Ya-ta Boy]

WASHINGTON - The government will buy an ownership stake in a broad array of American banks for the first time since the Great Depression, Treasury Secretary Henry Paulson said late Friday, announcing the historic step after stock markets jolted still lower around the world despite all efforts to slow the selling stampede...

"This is a period like none of us has ever seen before," declared Paulson at a rare Friday night news conference. He said the government program to purchase stock in private U.S. financial firms will be open to a broad array of institutions, including banks, in an effort to help them raise desperately needed money.

http://news.yahoo.com/s/ap/20081011/ap_on_bi_ge/financial_meltdown

I suppose this is one of those socialist, or is it fascist or communist things, the right wing is so wrought up about. It just strikes me as practical.

[Kuros]

Its called nationalization.

Yay.