Paulson: Troubled Assets Will Not Be Purchased

Paulson: Troubled Assets Will Not Be Purchased

www.huffingtonpost.com

WASHINGTON — Treasury Secretary Henry Paulson says that the $700 billion government rescue program will not be used to purchase troubled assets as originally planned.

Paulson says 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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[edit on 12-11-2008 by 12m8keall2c]

Wait a gosh dern second. We told you to buy up troubled assets, and you're saying no that's ok I think I'll just help my buddies out in the financial industry so they can eat up the smaller companies. So they can get a tax break for it.

We need to go to Washington with pitch forks and torches in hand. I for one am mad as hell and not gonna take this anymore.

www.huffingtonpost.com
(visit the link for the full news article)


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Headline: Please use the original story headline from your source.

[edit on 12-11-2008 by 12m8keall2c]

This is completely ridiculous.
They have already spent 2 trillion dollars and wont tell who got what.
Now they say nope no troubled assets lets use tax payers money to boost bank stocks?
How can they sit there and get away with this?

Better rename the #&^!# thing. No more TARP: Troubled Assets Relief Program, more like Congress's Ridiculous Assent Plan.

So the question I have is what happens when the 700 Billion is used up?

The stock market "really" crashes and we are up poop creek!

So much for the American Way of Life after that point.

reply to post by whiteraven


At least the treasury has to go back to Congress before they get the second part of the 700 billion. Maybe then they can leverage there position saying they'll only get it if they give X amount to the automobile industry.

I was watching the news earlier and, not sure if it's true, but 2 Million jobs would be lost if just one of the big 3 went under.

Labor Force
154,509,000
Employed
145,310,000
Unemployed
9,199,000
6.0%
www.nidataplus.com...

According to those numbers that would bring up unemployment to 7.2% if just one went under. And they can't even figure out all the jobs that would be lost if all of a sudden we lost that many working folks, I.E.:If 2 million were laid off, how many people do they support economically. Shopping, fast food, grocery stores, those people in danger of foreclosure.

This whole thing is going to the crapper.


[edit on 12-11-2008 by djpaec]

Originally posted by Interestinggg
This is completely ridiculous.
They have already spent 2 trillion dollars and wont tell who got what.
Now they say nope no troubled assets lets use tax payers money to boost bank stocks?
How can they sit there and get away with this?

I agree. This is insane.

My congressman voted against the package twice and I really appreciated that.

It sounds like Paulson is saying "screw it" because there is a lame duck Congress and he can do whatever he wants.

Outrageous.

I think this sums it up:

www.youtube.com...

what will it take to finally get you people off your computer and into the streets?
no amount of complaining will ever stop these bankers.

reply to post by whiteraven


The plan was never to actually fix the economy...just to delay the complete collapse until the Bush Administration are out of the Whitehouse and sitting comfortably in their 90K Paraguayan ranch.

...and blame it on the next schlub to be in the Oval Office.

Out of sight, out of mind.

IMO

reply to post by Kords21


Nice, who ever thought Joker could be the good guy.

I mean that says it right there the president pulled the wool over our eyes, yet again, to make it seem more agreeable, saying they would buy illiquid asseta. I hope Obama prosecutes these a-holes for all they've done to bend us over and... let's just say not use any lube.

Bait & switch!!! Bastaids!

I would like to think that congress would have to redo the bailout bill in such a case. It doesn't matter anyways since they've let out another 2 trillion since.

Folks, the problems just got compounded.

At first, I thought, "Oh, this is a good thing." I figured, well at least we're not buying the crap debt that is pretty much worthless, and essentially, a black hole.

But then, I remembered... the Czar!

Oh yes, once again we are faced with the magnitude of the 'concessions' the bill included. He can do as he pleases. Interesting times.

By the way, it seems only fair to remind many of our readers that this was a KNOWN problem in the legislation. It went into stealth mode the minute the legislature was called to review it.

I remember the gazillions of e-mails, many of them, I wager, including specific references to the outrageous power they were surrendering to the appointee ~ sans oversight ~ or meaningful redress.

The media will conform. They are always rewarded for doing so, they always have. Will we not discuss this with our families and friends?

Please do.

reply to post by Maxmars


Family and friends, it's all me and my co-workers can discuss at the moment. If there was ever a time to get rid of these thieves and liars in the Fed and the Shmuck(goldman sachs ceo) running the treasury helping out his old buddies. Congress better hold them to the task they said they were gonna do or they don't get that other half of the billion handout. If they don't I call for all out revolt, say the lawn of the FED?

Originally posted by djpaec
reply to post by Maxmars

 

... If they don't I call for all out revolt, say the lawn of the FED?

I just wish we could be certain the media would cover it. Otherwise you'd just be lining up to be arrested and 'duly identified' for future reference.

These guys have it locked. With an army of private 'police' and global power to assume direct 'law enforcement' authority as they deem necessary. Headquartered in a city-state like the District of Columbia, free from meaningful interference..., it's an ugly picture.

Just keep the info flowing, that's all that can be done for now. Provocation is something for which they have definitely prepared. And Congress empowers them further everyday.

This country will never be free as long as the Department of Homeland Security is 'accepted' as 'necessary.' Through it, the corporate and military complex have become intimately involved civilian affairs. There was a reason we didn't want this to happen. It's happening anyway.

The Fed had one illegitimate 'law enforcement' branch, the IRS. Now they use the DHS the same way. Any organized threat to the Fed and the cabal, or 'cartel' if you prefer, of which it is a tentacle, is transnational. Forget any ideas of approaching it lawfully. If you were to protest the Fed on its lawn, or even in front of its property, and actually draw attention to it, you would be considered a 'national security' threat, and then threatened with the prospect of being treated as a 'home-grown terrorist' - neat how that all came about huh?

I don't have answers, but I have no delusions about the limits they believe they have set.

I remain optimistic about one thing though, these people can't trust each other; and that just makes my day!

Treasury Secretary Henry Paulson said Wednesday that the administration will continue to use $250 billion of the program to purchase stock in banks

These are the key words. Right now they are not using their voting privileges on these perferred stocks. Once they get a majority, watch the back paddling begin. They will reassert their right to vote and take control.

reply to post by madhatr137


Thanks you, that is the same thing I believe also.

But the last gift of the Bush corporate government to the big global banks was to handle the treasury department to them with a blank check.

2 trillion dollars and nobody can figure out how to get the crocks that has taken over the treasury department to say in which hands the money went.

The bail out is not longer a scam is now a scandal fraud is written all over it.



[edit on 12-11-2008 by marg6043]

reply to post by secretstash


Agreed, this is true socialism. Not offering a alternative to Health insurance, the same alternative our Senators and Congressman get to enjoy. And definately not lowering taxes on the middle and lower classes, and putting taxes back to where they were during the 90's, 38% as opposed to 35%.

Why is paulson not been brought in charges by congress?.

This man lie to congress and to the American tax payer, where are the charges.

I have lost my faith on the American government a long time ago and now this is proof of how the corruption in this nation is winning over te people's will.



[edit on 12-11-2008 by marg6043]

This is good news.

The Treasury has many "tools" at their disposal. They are acting in the best interests of the American people. These things take time. Until magical wand technology catches up with our problems, we will still have to rely on these human institutions.

Big/deep breath! Now...feel better? Anything on television?

www.youtube.com...