What Obama's Bailout Means to You?

CNBC's Brian Shactman Explains

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    CNBC’s Brian Shactman explains what today's bank bailout announcement means and how it could affect you.

    Today the Obama Administration will announce plans for the rest of the $700-billion set aside to save the banking industry. 

    The president has promised an aggressive effort to combat the worst financial crisis in seven decades.

    CNBC: Banking Woes

    [CHI] CNBC: Banking Woes
    CNBC's Brian Shactman explains what Obama's plan for the remaining $700 billion in bank bailout money means to you. (Published Tuesday, Feb. 10, 2009)

    Treasury Secretary Timothy Geithner said Tuesday the new plan would bring the full force of the federal government to bear in a partnership with the private sector.

    "Right now critical parts of our financial system are damaged," Geithner said. "Instead of catalyzing recovery, the financial system is working against recovery and that's the dangerous dynamic we need to change."

    CNBC’s Brian Shactman explains what this means and how it could affect you.