Paulson: Government won't buy troubled bank assets

Paulson: Government won't buy troubled bank assets

news.yahoo.com

WASHINGTON – The government has abandoned the original centerpiece of its $700 billion rescue effort for the financial system and will not use the money to purchase troubled bank assets.

Treasury Secretary Henry Paulson said Wednesday that the administration will continue to use $250 billion of the program to purchase stock in banks as a way to bolster their balance sheets and encourage them to resume more normal lending.

(visit the link for the full news article)

What the hell.... Is it me or are we being bs'd about this, why authorize so much money if its going to fall into the hands of such financial tyrants, and they can do with it as they wish. They're trying to save themselves, not us.

I do feel cheated by the very institutions that are suppost to help us, but hell what can you expect from the feds.

news.yahoo.com
(visit the link for the full news article)

I thought it was all gloom and doom, heavy on the doom, if their wasn't fast action. Well, besides a couple of AIG parties later, not nothing has improved and not much has happened.

I personally hope he doesn't help one bit and let natural economic forces work they way they are meant to work. Bad decisions result in bad results. Our economy seems full of bad results rights now brought on by .... bad decisions.

Does this mean no more purchasing of foreclosures? Is Help for Homeowners null?

I say they just cancel the entire thing. The world didn't end and not a penny has been spent.

Just call it a do over.

reply to post by FoxStriker


How about what the F***** nothing but a scam and we all fall for it, but then again the American people were against it, and we all made hell for it.

And as usual corporate America got what they wanted to be in charge of the treasury department.

Now who is benefiting from what golden boy Goldman and Sachs is doing?

Originally posted by zenjewel
Does this mean no more purchasing of foreclosures? Is Help for Homeowners null?

I say they just cancel the entire thing. The world didn't end and not a penny has been spent.

Just call it a do over.

OH they spent the money, there is only like 60 million left fromt he first half.. they spent it all on buy up banks stock..

I knew from the very start this thing was totally bullcrap, congress should repeal there passing of the bill and throw them all the banks paulson etc all in jail for fraud!

Treasury Secretary Henry Paulson said Wednesday that the administration will continue to use $250 billion of the program to purchase stock in banks

These are the key words. Right now they are not using their voting privelages on these perferred stocks. Once they get a majority, watch the back paddling begin. They will reassert their right to vote and take control.

The problem is which administration? the one that is now in charge of the treasury department because the government is not.

Just let see who is now working in the treasury department, all Goldman Sach boys.

There is an already existing thread on this topic here.

Please contribute any further comments and/or questions to the above linked thread.

Thank you.

Thread Closed.