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As finance ministers from around the world come together for an emergency G7 meeting in Washington, CNBC has learned that the our government is prepared to take new and extraordinary measures to reign in the financial crisis.
After a joint interest-rate cuts and a $700 billion U.S. bailout officials are now considering something far more radical.
According to CNBC’s Steve Liesman Treasury Secretary Henry Paulson is prepared exercise the extensive authority granted to him under emergency rescue legislation and inject capital into banks.
Liesman tell us the plan is to offer a term sheet, offering capital injections to all banks as might also apply to non-depository institutions such as investment banks, insurers and hedge funds.
He also says regulators are also thinking favorably on the idea of guaranteeing inter-bank lending. That would go a long way to restoring confidence. You’d have the backing of the US government, he says.
Liesman also says the idea of guaranteeing deposit insurance beyond 250K is off the table.
* In case you’re curious, “the problems in so-called interbank lending, or short-term loans made between banks, date to August 2007,” writes Dow Jones. They say “markets froze in Europe after a little-known German lender, IKB Deutsche Industriebank AG, ended up with big debts it couldn't pay.”
”In more recent days the bankruptcy of Lehman Brothers sparked a new freeze market when money-market funds, laden with Lehman debt, yanked their cash out of the commercial-paper market, a vital cog in how companies fund their short-term obligations.”
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Trader disclosure: On Oct.10, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (DIS), (WMT), Finerman and Firm Own (GLNG); Finerman’s Firm Owns (MSFT), (RIG), (IYR), (SPY), (MDY), (USO) (PM); Finerman Firm Is Short (COF); Adami Owns (C ), (INTC), (MSFT), (AGU), (NUE), (GS), (BTU); Terranova Owns (AAPL), (GS), (VLO), (FTO), (X), (POT), (NOV), (FCX), (EXM), (EOG)
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