Ok...the gov't is not going to buy those bad loans from banks afterall....WTF?

  • Posted by a hidden member.
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    Nov 12, 2008 9:49 PM GMT
    "Paulson also said Treasury's first plan for the money, which was to have the government buy bad loans from financial institutions would be shelved."

    ha ha ...faked them out! .... icon_eek.gif

    http://www.washingtonpost.com/wp-dyn/content/article/2008/11/12/AR2008111201124.html?hpid=topnews
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    Nov 12, 2008 11:54 PM GMT
    Hank Paulson could only be Sec. Treas. in the Bush Administration - where never before has such a lack of talent been coupled to unlimited power.

    These idiots are like having a giant Caterpillar hole digging machine going full tilt 24/7.

    Arghhhhhhhhhhhhhhh.


  • coolarmydude

    Posts: 9190

    Nov 13, 2008 12:16 AM GMT
    Actually, I think he has no idea what's going on. How long did it take the administration to acknowledge the weakened economy? It was almost a year!!!!
  • farfle

    Posts: 105

    Nov 13, 2008 12:58 AM GMT
    A year?! Its been screwed pretty much since Bush took office. I pray that Obama will bring some intelligent life to Washington and to power before this country is permanently destroyed.
    On a brighter note, I'm getting in line for my bail out money now...I'll even promise not to come back for more and not to spend it on a vacation at a luxury hotel! ;)
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    Nov 13, 2008 3:41 AM GMT
    Bailout switch has some up in arms

    Story Highlights
    Brown: Treasury's new plan for $700 billion could be seen as flip-flop

    She says Congress voted for mortgage aid, but now funds will go to bank stocks

    Treasury Secretary Henry Paulson defends the switch in spending


    http://www.cnn.com/2008/POLITICS/11/12/campbell.brown.bailout/index.html
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    Nov 13, 2008 1:29 PM GMT
    Do you ever get the feeling that they are making this up as they go along?

    Seriously though the switch may in the long-run be the smarter option. Paulson perhaps realized that the toxic loans were too toxic, and the government would get very little back.

    At least now we don't hear anybody saying "the economy is fundamentally sound". I don't think that phrase will be used until the next decade.
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    Nov 13, 2008 1:32 PM GMT
    Err... this is exactly what other countries such as the UK have done and it is a much sounder strategy. The taxpayer gets preference shares (and hence ought to get some reward) as a reward for bearing risk.

    You people need to read the international news more :-)
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    Nov 14, 2008 3:25 PM GMT
    Campbell Brown's report on no oversight of the $700 BILLION!

    http://www.cnn.com/2008/POLITICS/11/13/campbell.brown.paulson/index.html