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Professor Speaks about Local Impact of Financial Crisis

As the troubles on Wall Street continue, the federal government announced today that it's planning to take powerful steps- likely to cost hundreds of billions of dollars- to step in and offer help to struggling banks. KSMU's Alvin Chen reports.

Professor David Mitchell is the director of the Bureau of Economic Research at Missouri State University. He compares today's actions taken by the government to a double-edged sword.

According to Mitchell, a situation like this will cause a decrease in people's wealth, and a decline in the amount of credit that's available. He says local investors are experiencing a range of emotions this week.

Mitchell also advises people who are afraid to calm down and stay positive.

US Treasury Secretary Henry Paulson said today he will work with lawmakers through the weekend to determine exactly which banks the government will help and by how much.

For KSMU News, I'm Alvin Chen.