New York – America In Crisis: Treasury Secretary Paulson Working on Plan to Set Up Federal Facility to Take on Bad Debts.

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    New York – Treasury Secretary Henry Paulson is working on setting up a government facility to take on bad debts from financial institutions to prevent a worsening of the global credit crisis, Wall Street sources have told CNBC.

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    The facility would be similar to the Resolution Trust Corporation, which was set up in the late 1980s to take on all the failed thrift assets during the savings and loan crisis, these sources said.

    The news sparked a big rally in stocks after a day in which investors remained nervous about the spreading effects the global credit crisis. Europe and Asia closed lower.


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    9 Comments
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    anonymous
    anonymous
    15 years ago

    Sounds like another breauacrasy to keep rich people rich and to stiff the taxpayer…

    Former Bushie
    Former Bushie
    15 years ago

    Mr. President, at least you APPEAR to do something! But………too little too late. It’s rotten to the core and until ALL the rot is eradicated, it’s only gonna spread.

    Hashem Yereichem.

    Anonymous
    Anonymous
    15 years ago

    anon 3:40 — Everything the Republicans do is designed to keep rich people rich.

    Anonymous
    Anonymous
    15 years ago

    How can the country afford this when we are spending $10 billion/month on a war that has achieved nothing but tribal strife?

    AuthenticSatmar
    AuthenticSatmar
    15 years ago

    The govt is only cleaning up everyone else’s mess. If the Democrats would be in power what would they do??

    Anonymous
    Anonymous
    15 years ago

    They are now tergeting “Short” tradars, how about targeting the so called “financial products” invented on Wall street for Hedge Funds to gamble with other people’s money

    Use your head
    Use your head
    15 years ago

    Anonymous 4:18 PM – Republicans believe that the rich, just like the middle class and the poor, should be entitled to keep as much of their money as possible. Does this mean that the rich tend to get richer? Sure, just like people who are overweight tend to get fatter. That’s natural.

    Democrats, on the other hand, believe that wealth should be redistributed from the rich to the poor and middle class to some extent. This is, very simply, forced charity, which is really a nice way of putting it. It’s basically government-mandated theft; why shouldn’t the rich get to keep what they earn, just like everyone else? Charity is a great thing but even the Torah tells us that we have discretion as to where our charity should go. The government shouldn’t be doing that for us.

    So Republicans believe in doing what is just, while Democrats want that opposite.

    Noclue
    Noclue
    15 years ago

    Yes.

    Everybody should all chip in and bail out the experts on Wall street who took home million dollar bonuses based on profits that never existed.

    Anonymous
    Anonymous
    15 years ago

    Lets get this straight; they are bailing out all the risktakers so they continue getting their great salaries and bonuses!

    These people were suposedly paid big bucks for their brains, they did worse than any true ben Torah would have done.