Politics this week

Tim Geithner unveiled a long-awaited rescue plan for America’s financial system. The treasury secretary said banks would get more government cash if they need it, the Federal Reserve would expand its lending programme and private investors would be given incentives to buy toxic assets, among other ideas. Stockmarkets reacted by falling sharply, however, as Mr Geithner provided little detail about how the $2.5 trillion plan, much of which was guessed at in advance, would actually work. See article Congress reached agreement on the Obama administration’s stimulus package. The plan was supported by just three Republican senators, giving it enough votes to avoid a filibuster. The Republicans maintained their criticism that the plan is too costly. Barack Obama went to Indiana and Florida to drum up support from voters in towns hit hard by the recession. See article ... (link)