Author Topic: What they are now doing with your money!  (Read 324 times)

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Offline Heather

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What they are now doing with your money!
« on: November 13, 2008, 03:55:02 AM »
On Wednesday, there was a big change to the government bailout plan and already a lot of people are screaming foul.

Treasury Secretary Henry Paulson told us he now has a different plan for how to spend that $700 billion of your money.

When Congress OK'd the bailout package, they all told us it would be spent buying troubled mortgage assets.

That's what Congress voted on. That's what Congress approved.

Now, Paulson says it would be better for the economy if he uses the money to buy bank stocks as a way to help their balance sheets so they are more likely to lend you money for a car or student loan or credit card. 

Some today are accusing Paulson of being a flip-flopper.

Here's more of how he explained the big change:

Secretary Paulson: "What we said to Congress was we needed a financial rescue package because the credit markets were stopped up.

"And we were focused on the problem. And when we went to Congress, the liquid assets looked like the way to go.

"As the situation worsened, the facts changed.... And I will never apologize for changing an approach or strategy when the facts change.

The opinions expressed in this commentary are solely those of Campbell Brown.

Heather
Strive for complete serenity in all aspects of life.
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Offline BBF

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Re: What they are now doing with your money!
« Reply #1 on: November 13, 2008, 04:15:14 AM »
and since Poulson among others are NOT going to have their present positions anymore after January, there could be more changes.
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Online magooch

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Re: What they are now doing with your money!
« Reply #2 on: November 13, 2008, 05:11:19 AM »
This all comes under the heading of, "do something--even if it's wrong, but for crying out loud, do something."  The Congress gave the administration a pile of money and said fix it.  If anyone has a super plan to fix the economy, I'm sure Paulson would love to hear the details.  Lacking that, they are going to frantically try eveything and anything that might restore some confidence.

My fear is that buying bank stocks is small potatoes compared to the quicksand that saving the American auto industry presents.  You are damned if you do and possibly right into a depression style unemployment picture if you don't.
Swingem