It comes on top of last month's $700billion rescue plan and takes the US government's commitments during the financial crisis to $7trillion.
Yesterday's announcement by the Federal Reserve said up to $600billion (£396bn) would serve to buy up mortgage-backed securities-bundles of mortgages that are sold to investors.
Up to $200billion (£132bn) will be targeted at unfreezing lending on things such as credit cards and car loans. The aim is to reassure lenders that they'll be repaid.
But he said yesterday there was no single response adequate to deal with 'a once or twice-in-acentury financial crisis'.
Yesterday's announcement by the Federal Reserve said up to $600billion (£396bn) would serve to buy up mortgage-backed securities-bundles of mortgages that are sold to investors.
Up to $200billion (£132bn) will be targeted at unfreezing lending on things such as credit cards and car loans. The aim is to reassure lenders that they'll be repaid.
But he said yesterday there was no single response adequate to deal with 'a once or twice-in-acentury financial crisis'.