US Government pushing for intervention to end financial crisis

From ANI Washington, Oct.10: The Bush administration is considering a partial nationalization of some banks, buying up a portion of their shares to shore them up and restore confidence as part of the 700 billion dollar government bailout. According to the Washington Post, the government is of the view that at present it does not have any other option as far as the financial sector is concerned. With the recent takeovers of major lenders Fannie Mae and Freddie Mac and the bailout of AIG, the U.S. government is now effectively responsible for providing home mortgages and life insurance to tens of millions of Americans. Many economists are asking whether it remains a free market if the government is so deeply enmeshed in the financial system. Given that the United States has held itself up as a global economic model, the change... [read full story]