The latest bank rescue plan by Treasury Secretary Timothy Geithner was unveiled today, but is there any more faith restored into the taxpayers and voters, and is there more chance markets and exchange traded funds (ETFs) can begin to heal?
The revised banking rescue plan by the Obama administration has policy-makers hoping Wall Street can be part of the solution. Policy-makers did reveal their feelings that the major U.S. banking institutions are insolvent, reports Aaron Task for ClusterStock, something that government seems loath to consider.
While the plan does address key issues such as transparency and accountability on behalf of the banks receiving bailout money, the main problem was the government increasing the lending, which is addressed in the approach.