Yurt
11-12-2008, 01:17 PM
Paulson: Government won't buy troubled bank assets
WASHINGTON – The government has abandoned the original centerpiece of its $700 billion rescue effort for the financial system and will not use the money to purchase troubled bank assets.
Treasury Secretary Henry Paulson said Wednesday that 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 also announced that the administration was looking at a major expansion of the program into the markets that provide support for credit card debt, auto loans and student loans.
http://news.yahoo.com/s/ap/financial_meltdown
doesn't this smack of socialism? how much stock is the government going to buy? a controlling share? a large enough block to have a say in corporate decisions?
why is it necessary for the government to expand into the other markets? and all this under a republican administration. seriously, what is the justification for this?
WASHINGTON – The government has abandoned the original centerpiece of its $700 billion rescue effort for the financial system and will not use the money to purchase troubled bank assets.
Treasury Secretary Henry Paulson said Wednesday that 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 also announced that the administration was looking at a major expansion of the program into the markets that provide support for credit card debt, auto loans and student loans.
http://news.yahoo.com/s/ap/financial_meltdown
doesn't this smack of socialism? how much stock is the government going to buy? a controlling share? a large enough block to have a say in corporate decisions?
why is it necessary for the government to expand into the other markets? and all this under a republican administration. seriously, what is the justification for this?