Sunday, Sep 21, 2008
The plan involves buying up hundreds of billions of dollars in bad mortgages to take them off the books of financial institutions that otherwise might fail.
politico news: Paulson plan could cost $1 trillion
Congressional leaders said after meeting Thursday evening with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke that as much as $1 trillion could be needed to avoid an imminent meltdown of the U.S. financial system.
Paulson announced plans Friday morning for a "bold approach" that will cost hundreds of billions of dollars. At a news conference at Treasury headquarters, he called for a "temporary asset relief program" to take bad mortgages off the books of the nation's financial institutions. Congressional leaders had left Washington on Friday, but Paulson planned to confer with them over the weekend.
includes - President Bush goes AWOL - where has he been lately? Where has he been during America’s worst financial crisis etc
4 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. icarus said...
Bush? He's just waiting for Wall AStreet to sober up.
2. it_is_going_with_a_bang said...
"Senate Banking Committee Chairman Chris Dodd (D-Conn.) said on ABC’s “Good Morning America” said lawmakers were told last night “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications, here at home and globally.”
Implications being that those who behaved badly were going to get their reward. Strange how they can't give free health care to people but they can afford to bail out the rich from the prospect of losing their wealth.
3. Pundit said...
If 'toxic debt' is removed from the books of US banks what are the implications for UK banks?
UK banks will be percieved as much higher risk than their US counterparts and will therefore be far less able to attract investment!!
UK bank stocks will be hit hard next week.
4. tyrellcorporation said...
President Bush goes AWOL - where has he been lately?
Bush will be playing golf in a few months time, who gives a t**s? - he certainly doesn't.