Word: paulsons
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Treasury Secretary Henry Paulson's latest plan for the $700 billion bailout fund has many economists responding like Seinfeld's Soup Nazi, "Next!" They say the idea of using funds approved by Congress in early October to stimulate credit card and auto lending is ill advised and unnecessary...
...dozens of large and small banks have already announced that they have received or expect to receive a capital infusion from the $700 billion bailout fund. Nearly a third of the fund has already been spent, and Treasury Secretary Henry Paulson said on Wednesday that he would like to use some of the remaining money to support the ailing market for such consumer debts as credit cards and college loans, as well as to prevent foreclosures. That leaves a dwindling fund left for the hundreds of banks still hoping to get TARP funds. Analysts and investors are growing concerned that...
When asked what exactly had turned out to be wrong with the idea of buying up mortgage securities, Paulson launched into what seemed likely to become an in-depth explanation. But when he paused early on, a reporter interrupted with another question, and that explanation was over...
There were lots of questions about what to do for General Motors, which appears headed for bankruptcy without government help. Paulson said TARP was never intended to bail out nonfinancial firms, so that money is off-limits. But he did indicate that the Bush Administration would be agreeable if Congress wanted to amend a law passed in September that provides $25 billion in loans to automakers for retooling, so that those funds can be used to keep GM and the two other members of the Detroit Three alive...
...Paulson didn't seem to think that that was something he needed to get involved with. Same with fiscal stimulus legislation. Paulson shepherded the last stimulus bill through Congress in January. Not this one. "My focus is on the financial sector, on getting credit going, getting lending flowing," he said. "I can't imagine anything that would have a bigger stimulative impact." In other words, he really doesn't want to take on anything more at this point. Can you blame...