U.S. VP Biden-All Options On Table To Fight Crisis

US Democratic presidential candidate Senator Barack Obama and his vice presidential running mate Senator Joe Biden attend a campaign event at the Old State Capitol in Springfield

Section Newest Economic Outlook: OECD's split decision Boeing, P&W sign contracts for engines AM General joins in Army vehicle bidding Australia eyes more Bushmaster vehicles Chile bolsters defense with Boeing program

Text

Biden said in an interview with CNBC the administration would focus first on productive use of the second half of the rescue fund.

U.S. Vice President Joseph Biden said on Thursday "all alternatives" are under consideration to stabilize the shattered banking system if the expenditure of the second half of a $700 billion financial rescue fund is not adequate to do the job.

Asked whether the White House would establish a "bad bank" to absorb tainted assets clogging banks' balance sheets, Biden said in an interview with CNBC the administration would focus first on productive use of the second half of the rescue fund.

"Once we do that and see whether we can get this system kick-started, the credit system flowing more, that's when we'll make the judgment whether or not anything else is necessary," he said. "Now, I would be lying to you if I didn't tell you (Treasury) Secretary (Timothy) Geithner ... is, I'm sure, I hope, he is considering all alternatives," Biden said.

1/5
The Most Read