The administration will use perhaps as much as $250 billion of the $700 billion rescue program recently passed by Congress to purchase stock in U.S. banks, providing the banks with badly needed money.
A 100 year old man who lived through the depression of 1929 said:
"To purchase a car during the Depression you needed up to a 50 percent down payment. Some people had to trade in their furniture for a down payment."
He said that he believes the country is responding to today's financial crisis much more quickly than in 1929 and feels that's good.
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