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Treasury Secretary Henry Paulson said Sunday that the nation's credit markets remain frozen and Congress must move quickly to pass a $700 billion bailout package for financial firms. But key Democrats said the legislation needs changes to provide better protections for taxpayers and homeowners in danger of losing their homes.
"The credit markets are still very fragile right now and frozen," Paulson said in an interview on NBC's Meet the Press. "We need to deal with this and deal with it quickly
The U.S. Treasury late yesterday modified its proposal to allow for purchases from institutions outside of the U.S., a step Paulson today said was needed to mute the impact of the credit crisis in the U.S. ``As you think about this, if a financial institution has business operations in the United States, hires people in the United States, if they are clogged with illiquid assets, they have the same impact on the American people as any other institutions,'' he told ABC News.
Originally posted by mybigunit
I love how this administration uses the we must do this fast mentality. Dont read the crap we want to pass just pass it and worry about the "details" later. The fact is if your going to bailout Wall Street there is no reason why at the same time we cant pass some additional measures to protect the taxpayer. Also put something in there to make the banks negotiate with the homeowners in foreclosure. To me I think this is only fair.
Originally posted by pluckynoonez
Pay not attention to fascism behind the curtain.
It will pass. Congress has no idea what to do. We are all doomed.