Obama: Confident Latest Bank Rescue Plan Will Work - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

Obama: Confident Latest Bank Rescue Plan Will Work

Associated Press - March 23, 2009 12:23 PM ET 

WASHINGTON (AP) - President Barack Obama says his team is "very confident" that the latest bank rescue plan will work to free up credit.

Obama says the plan to buy up toxic assets will be handled in a way that allows taxpayers to share in the upside as well as the downside.

The president spoke briefly to reporters in the Cabinet Room after his administration released a plan to entice private investors to buy up bad bank assets. He says the good news is that the nation now has "one more critical element" in a multi-pronged effort to help the economy recover.

Obama also says the depressed housing market is starting to show glimmers of hope.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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