The White House told banks to quit hoarding billions of dollars flowing into their vaults from Washington and start making more loans.
Wall Street soared nearly 900 points on bargain-hunting and hopes of a hefty interest rate cut by the Federal Reserve.
Hoping to thaw the credit freeze that has chilled the economy,
the Bush administration sent banks an unmistakable message to put aside fears and open up loan windows for cash-starved businesses and consumers who have pulled back on spending.
"What we're trying to do is get banks to do what they are supposed to do, which is support the system that we have in America
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