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US To Buy Up To $250 Billion in Bank Stocks

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Uploaded by on Oct 15, 2008

The U.S. government is going to buy up to $250 billion in bank stocks and increase loan and deposit guarantees in its latest effort to rescue the financial industry. The Bush administration hopes the plan will restore confidence in the nation's financial system and encourage banks to resume lending. Global stock prices showed strong gains following the announcement on Tuesday but U.S. stocks closed lower. VOA's Mil Arcega reports.

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