US to take stake in banks, first since Depression
Treasury Secretary Henry M. Paulson Jr., speaks during a news conference, Friday, Oct. 10, 2008, in Washington. (AP Photo/Manuel Balce Ceneta)
WASHINGTON (AP) — 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.
Separately, the U.S. and the globe’s other industrial powers pledged to take ‘‘decisive action and use all available tools’’ to prevent a worldwide economic catastrophe.
‘‘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.
The administration received the authority to take such direct action in the $700 billion economic rescue bill that Congress passed and President Bush signe
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