Fed-led recovery plan will be hindered by low confidence

07/17/2008 | Reuters

Confidence in the ability of the federal government to rescue banks has hit its lowest level, which could mean trouble for economic-recovery efforts. "You see a massive potential for financial meltdown on a global scale," said T.J. Marta, fixed-income strategist at RBC Capital Markets. Lawmakers grilled Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson about the recovery efforts when the two men appeared before a Senate panel this week.

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