Posted on 11/12/2008 8:12:40 AM PST by mombyprofession
WASHINGTON – Treasury Secretary Henry Paulson said Wednesday the $700 billion government rescue program will not be used to purchase troubled assets as originally planned.
Paulson said 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.
He announced a new goal for the program to support financial markets, which supply consumer credit in such areas as credit card debt, auto loans and student loans.
Paulson said that 40 percent of U.S. consumer credit is provided through selling securities that are backed by pools of auto loans and other such debt. He said these markets need support.
"This market, which is vital for lending and growth, has for all practical purposes ground to a halt," Paulson said.
The administration decided that using billions of dollars to buy troubled assets of financial institutions at the current time was "not the most effective way" to use the $700 billion bailout package, he said.
(Excerpt) Read more at news.yahoo.com ...
Oh, LoL! then I guess it’s about the same. the closer to town, the more expensive the convenience gets.
Affordable, for bare land yes. If you can find any. It’s mostly farms that go up for sale, houses and out buildings, and they aren’t that cheap. There hasn’t been any that I’ve seen for sale for quite some time along the paths I take.
Biggest heist in history, ladies and genetlemen.
Yep.
....Sounds like this may be a good thing imho....
It interesting the the folks bitching herein were previously bitching about bailing out the losers who bought more house than they could afford.
Now, they have forgotten that and have resumed bitching about the change away from the very policy they opposed.
I shoulda made clear we’re in socialist NJ, not socialist CA. :)
Fires are very legal, though it hasn’t been quite cold enough to justify firing up the wood stove yet.
I’ve been looking into doing some solar heating, but we couldn’t heat water directly because one cold snap and it would freeze and bust the pipes.
If this is true then this is an example of the executive branch usurping legislative powers, in my opinion.
After all, consider the headaches that legislators went through to draft a second bailout bill after Nancy Pelosi unthinkingly destroyed the first bill by blaming everything on GW Bush minutes before the vote, disgruntled Republican Congressmen drawing the line with respect to special-interest earmark provisions in the bill.
And now fat, dumb and happy legislators are watching their midnight oil vote on the second bill go down the tubes because of an “on second thought” decision in the executive branch.
The money needs to go back to Congress to be re-negotiated.
pimg
Blank check now going to Obama’s Treasury Secretary....
Don’t take advise from a message board!
That said, if your house is almost paid for and you can keep making payments and you like where you live, then keep making payments. If you can, get a line of credit on your equity so you can have access to cash if you need an emergency fund but don’t use it unless you need to.
I am not suggesting you borrow money! I am just saying if you have equity but no means to tap it, get the means to tap that equity in place. You never have to touch it and probably shouldn’t unless there is an emergency need for cash but at least make sure that you have the means in place with some equity line of credit. Then pray for better times to come.
Don’t take advise from a message board!
I’m more interested in ‘insight’. Doesn’t mean that I will follow blindly. But greatly appreciate the fact that some even took time to respond, including you. Thank you. I’ve gotten some good information.
I sent you a PM full of insight :-)
Feel free to ignore it. Sometimes I get on a roll. Feels good.
Best of luck to you.
I was one of those bitchin....lol. Don’t get me wrong though....I hate all of this bail-out mess! It was just fun to watch Barney Frank get all upset today knowing he can’t ‘OWN’ all those houses..lol.
The question that crosses my mind is did My Boy Lolly Pop get screwed? Did Paulson and W play him for a fool?
It ain’t over till it’s over and we need to watch as things develop. The election is over and the situation now is not the same.
Remember...... Misunderestimating W will get you killed
I must admit to a similar brief fantasy today...but it involved W putting Soros in the poor house....lol
“The GOP should immediately rally to cut off the entire package immediately, at least the $500 billion that has not yet been spent.”
I’m way late to this thread but absolutely agree!
The mass failure of financial institutions is not going to happen (at least short term). Key credit spreads are close to normal for a recession. That’s the good news. The bad news is that Paulson has $700 bil burning a hole in his pocket.
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