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The bailout machinery moves into high gear.
Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke meet Congressional leaders Thursday night, presenting massive plans to stabilize U.S. financial institutions.
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"What we are working on now is an approach to deal with the systemic risk and stresses in our capital markets," Paulson tells reporters.
The plans include the creation of a giant facility to buy mortgage-backed securities; the price tag may be as high as $500 billion.
What You Were Reading:
- Who'll Be Left Standing? What the Pros Say
- Global Economy Needs Banker 'Prozac': Strategist
- Fears Grow — and Wall St. Titans' Shares Fall
The US Treasury plans to re-create the Resolution Trust Corporation, Charlie Gasparino reports. The RTC was created in 1989 amid the savings and loan crisis to liquidate assets of those institutions.
"This will bring real trust back into the market," Donald Marron, chairman of Lightyear Capital, told CNBC. "It would free up real, spendable capital in these organizations. They can use that to make loans, to make transactions and to build confidence in the system. This is a confidence crisis."
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Ahead of the Securities & Exchange Commission's ban on naked shorting, which goes into effect Friday, Calpers (the California Public Employees Retirement System) says it will no longer loan out shares of banker-brokers Goldman Sachs [GS
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] to short sellers. Across the Atlantic, Britain's Financial Services Authority bans all short selling in financial stocks until Jan. 16, 2009.
The Dow Jones Industrial Average surges more than 200 points as trading heads into the final hour; analysts cite the RTC concept and anti-short bans, which sent bank stocks soaring.
AIG [AIG
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What the Experts Were Saying:
Marc Chandler of Brown Brothers Harriman dissects the Fed's liquidity plan with Bob Pisani and Rick Santelli.
Treasury Secretary Hank Paulson is working on an RTC-type solution to the financial crisis, reports CNBC's Charlie Gasparino.
Bill Seidman asks Lawrence Glazer of Mayflower Advisors and Elizabeth Miller of Trevor Stewart Burton & Jacobsen where the safe havens are in this market.
- For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
- Eric Schmidt pledges to create a virtual copy of the Iraq National Museum at Google’s expense.
- Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
- More shoppers than ever plan to comparison-shop this season. Who will benefit?
- It may be the most unusual guide to business you'll read.
- How can you get out of debt and back on the road to recovery? Follow these ten steps.
Data is a real-time snapshot *Data is delayed at least 15 minutes