Federal Reserve Chairman Ben S. Bernanke warned that a fiscal stimulus won't be enough to spur an economic recovery and that the government may need to buy or guarantee banks' tainted assets to revive growth.
"Fiscal actions are unlikely to promote a lasting recovery unless they are accompanied by strong measures to further stabilize and strengthen the financial system," Bernanke said in a speech today at the London School of Economics. "More capital injections and guarantees may become necessary to ensure stability and the normalization of credit markets."
The Standard & Poor's 500 futures rose 0.5 percent to 873 at 11:54 a.m. in New York and then down to 860 by 2:00PM, with stocks drifting between gains and losses as a rebound in oil prices lifted energy producers and offset concern the profit slump is worsening.
Obama asked President George W. Bush yesterday to inform Congress of the intent to release the second half of the $700 billion bailout fund. Lawrence Summers, the incoming White House economic director, pledged changes in how the TARP will be used, without offering specifics in a letter to congressional leaders.
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