Report: US Weighing Financial Crisis Plans
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WASHINGTON — The government is weighing a number of options to ease one of the worst financial crisis that has hit this country in decades, according to a person with knowledge of the talks.
American stocks surged late today after a report that the administration was considering creating a government entity patterned after the Resolution Trust Corp. created in the 1980s in the aftermath of the savings and loan crisis. But the official, speaking on condition of anonymity because of the sensitivity of the discussions, said the talks have not narrowed to a single option and that an RTC-type solution is not a certainty.
President Bush canceled an out-of-town trip today to stay in Washington and meet with his top economic advisers.
Bush held a 40-minute meeting with Bernanke, Treasury Secretary Henry Paulson and Securities and Exchange Commission chief Christopher Cox along with White House and Treasury Department aides.
