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.
Sounds like another breauacrasy to keep rich people rich and to stiff the taxpayer…
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.
anon 3:40 — Everything the Republicans do is designed to keep rich people rich.
How can the country afford this when we are spending $10 billion/month on a war that has achieved nothing but tribal strife?
The govt is only cleaning up everyone else’s mess. If the Democrats would be in power what would they do??
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
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.
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.
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.