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.
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4 comments:
..and Grossi Pelosi wants to bail out MORE companies.
Whatever happened to Chapter 11??
Pelosi want to bail out more unions. Which is all the automaker bailout would do. It wouldn't fix the underlying problem. That is that production costs, because of union wages and pensions, are way higher than that of their competitors.
Hank read, "If you give a mouse a cookie"
It's a children's book and it might help!
http://nomedals.blogspot.com
Jason - Thanks for the link - Right on the money
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