Bush: Move to Inject $250 Billion Into US Banks Intended to Preserve Free Market

AP: President Bush announced on Tuesday that the government would be injecting $250 billion into U.S. Banks. The President said this latest measure is not intended to take over the free market, but preserve it. Nine major banks will participate initally including all of the country’s largest institutions. Some of the big banks had to be pressured to participate in the program by Treasury Secretary Henry Paulson, who wanted healthy institutions that did not necessarily need capital from the government to go first as a way of removing any stigma that might be associated with banks getting bailouts.