Congress Pushes for Changes to Paulson Bailout Plan
2008-09-24 — bloomberg.com
Shelby told reporters yesterday that “I think the secretary now realizes that what he sent up is not just going to be rubber- stamped.”
Paulson said it would be a “grave mistake” to adopt Schumer’s proposal because it sent the wrong signal to the market and didn’t give Treasury “the tools to do the job.”
Leaders in both parties are working to shore up support for an effort to restore investor confidence. They also want to limit the risks for lawmakers who are being asked to vote on the biggest government intervention in the financial markets since the Great Depression, just six weeks before the elections.
Hyperinflation? – US dollar set to be major casualty of Hank Paulson’s bailout
The London Telegraph, Wed 24th of September
The US taxpayer bail-out of America’s banking sector is an event whose significance will reverberate for many years. What it means for free markets, for the way Western economies are run, for the prosperity of the world economy, must remain to be seen.
When Treasury Secretary Hank Paulson announced that the world’s biggest economy was about to embark on the world’s biggest bail-out for its financial sector, the first concern economists had was about the long-term prospects for the nation’s finances and its currency.
The Bailout – Paulson’s 0% Balance Transfer!
2008-09-24 — ml-implode.com
”But does this really solve our economic problems or make them worse? Ben and Hank are just offering us a low-rate balance transfer and higher credit limit on a new card. And boy are they getting a low introductory rate as yields on new Treasuries have fallen near 0%. Happy days are here again! We can keep borrowing, which means we can keep spending!”
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