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...Congress will try to approve a bridge loan for the auto industry and a stimulus package that includes unemployment benefits, Medicaid help for the states and some assistance for small businesses. House Banking Committee chairman Barney Frank will call on Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson for a roasting on how the $700 billion bailout - passed at the height of the crisis - has been spent...

Author: /time Magazine | Title: Congress Returns — and So Do Economic Fissures | 11/17/2008 | See Source »

...failing mortgages. The White House strongly opposes her plan, and there have been recriminations between several of the players. More broadly, Republicans who think their electoral drubbing necessitates a return to fiscal restraint are turning against those in both parties who want to continue the aggressive, costly measures that Paulson has embraced...

Author: /time Magazine | Title: Congress Returns — and So Do Economic Fissures | 11/17/2008 | See Source »

...Last Wednesday Paulson pulled what some have called the TARP-and-switch. The Treasury Secretary said he was backing away from using a large portion of the $700 billion Troubled Asset Relief Program fund to buy up troubled mortgage bonds. Instead, Paulson said he was more interested in helping the currently stalled market for financing among other things credit card and auto loans...

Author: /time Magazine | Title: Paulson Credit-Card Bailout Draws Growing Criticism | 11/16/2008 | See Source »

...Treasury Department says nothing has been finalized, but reportedly Paulson and his advisers are looking into using TARP funds along with some money from outside investors to buy up credit card, auto loans and other, non-mortgage consumers debt. The financing mechanism for that type of debt, often called securitization, has stalled like much of the rest of the banking sector. Paulson is hoping that buying up debts directly will be a better way of stimulating lending than just purchasing banks' shares and trying to force the firms to extend loans...

Author: /time Magazine | Title: Paulson Credit-Card Bailout Draws Growing Criticism | 11/16/2008 | See Source »

...This is riskier for taxpayers," says Andrew Jakabovics, an associate director at the Center for American Progress. Worse, it's not clear the program would do anything to boost the economy. Yes, consumer spending is dropping, but some economists think that is a function of confidence, not credit. "Paulson seems to be working under the impression that when it comes to consumer spending liquidity is the issue," says Dean Baker, who co-founded the Center for Economic Policy Research. "People aren't buying because they just lost a lot of money and might be about to lose their job." Lastly...

Author: /time Magazine | Title: Paulson Credit-Card Bailout Draws Growing Criticism | 11/16/2008 | See Source »

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