And Bush begat Rumsfeld who begat Frank, and he begat Brownie, and then he begat Paulson
No one understands how everything fits together?
Or is it THESE GUYS who are basically clueless?
Sorry, really didn;t mean to acquire toxic banks assets with that 3/4 of a trillion I was talking 'about the other day, which McCain suspended his campaign over, probably costing himself the election, I meant to say we should focus on consumer loans.'
U.S. Treasury modifies bailout program
WASHINGTON: Treasury Secretary Henry Paulson Jr. on Wednesday announced a major shift in the thrust of the $700 billion financial rescue program, at the same time joining several agencies in prodding banks to speed up the thaw in the country's credit system.
Paulson said the $700 billion would not be used to buy up troubled mortgage-related securities, as the rescue effort was originally conceived, but would, instead, be used in a broader campaign to help financial markets and, in turn, make loans, including car and student loans, more accessible for creditworthy borrowers.
"During times like these, with a slowing economy and some deterioration in credit conditions, even the healthiest banks tend to become more risk-averse and restrain lending, and regulators' actions have reinforced this lending restraint in the past," Paulson said at a news conference.
But, he added pointedly, with their financial foundations already shored up by recent government support, "our banks will be more confident and better positioned to play their necessary role to support economic responsibility."
Paulson also pledged intensified government efforts to help struggling homeowners and said he and his aides "are examining strategies to mitigate" foreclosures.
And for those who have struggled to PAY their mortgages off, and own their homes? Own their cars? Ended their debts as students?
Do we at least get a visit from W and Barry who will take us to dinner before screwing us?
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From PJM: Almost everyone who believes in the Constitution and free markets properly considers October 3, 2008, one of the darkest days in U.S. history. It was on that day that the “Emergency Economic Stabilization Act” creating the Troubled Asset...
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From Weasel Zippers, citing WSJ:Nearly 100 U.S. banks that got bailout funds from the federal government show signs they are in jeopardy of failing. The total, based on an analysis of third-quarter financial results by The Wall Street Journal, is up from...
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From Ed Morrissey at Hot Air: And after seeing what happened to executives at AIG and other TARP recipients, no one needs to ask why — except apparently for the Washington Post. Thanks to rapid infusions of cash, banks can now take their time unloading...
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- Ok Sherman, Set The Wayback Machine For 1999 : Nyt -fannie Mae Eases Credit To Aid Mortgage Lending
By STEVEN A. HOLMES Published: September 30, 1999 In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase...