When Treasury Secretary Timothy Geithner made his long-awaited speech on Tuesday to unveil the administration’s bank rescue plan, the stock market tanked. Traders said the nearly five percent drop was caused by a lack of specifics in Geithner’s announcement that the government would spend up to $2 trillion to mop up bad bank assets and revive lending.
Tales from the Trail
A trillion dollars is a million million dollars or 12 zeros after the one.
And that’s how much apparently every program costs to save the U.S. economy these days.