http://www.bloomberg.com/apps/news?pid=20601087&sid=aB_rf1rurtio&refer=home
Sept. 20 (Bloomberg) -- U.S. Treasury Secretary Henry Paulson is sending a financial-rescue plan worth about $800 billion to Congress as Democrats prepare to turn it into a vehicle to help people with high-cost mortgages stay in their homes.
The Treasury will run the program to take on illiquid mortgage-related debt, with the Federal Reserve consulting on its design, officials said. Treasury aides are spending the weekend with congressional staff to negotiate a compromise that the House and Senate can vote on next week.
Paulson, Fed Chairman Ben S. Bernanke and other regulators are eager to stop a contagion of credit risk that has toppled three financial giants and forced one into a merger as capital flight began to squeeze Wall Street. Democrats are indicating they want to target relief for households by restructuring loans of struggling borrowers.
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Didn’t this all start, not so many years ago, with Democrats claiming that holding borrowers to realistic lending standards was ... RACIST?
As a nation, we are quickly spending all the money we were born enjoying from the industry of our parents and grandparents.
It’s not unlimited. There are 2 “Walton”s on the top 5 richest Americans list this year.
Unfortunately, those two heirs of Sam Walton are becoming rich, by exporting American jobs to Communist China.
In case anyone forgot ... China has approxmately FIVE TIMES THE POPULATION of America.
We cannot reach equilibrium with China’s wages before we implode. Ayn Rand never considered 1.3 billion poor competing, skilled and racially motivated workers.
We will evaporate, as a nation, before that happens.
Patently insane. Liberalism is indeed a dangerous mental disorder. The idiot liberals are playing with fire. Socialism or no, whether or not it works, RTC II® is trying to stop the panic in the markets that will lead to a crash and GD II, the Sequel™. In their infinite idiocy, the LibComDems are doing their best to insure RTC II® doesn’t work. My god, they just don’t get it and they never will!