Bailouts

[krasnoludek]

Okay, so I wasn't too happy with the $700 billion bailout of the US financial sector, and it doesn't help that now Treasury secretary Paulsen is constantly changing the terms of the authorized bailout so that now the US government is purchasing bank stock instead of assets. Paulsen knew this was what he was going to do, yet he pitched the plan to

Comments

[justanothergeek]

I don't think Paulson knew he was going to switch the plan. Actually when the initial plan came out, a lot of people said this is stupid, you should use the money to buy bank stock (like they did in England) instead of buying bad mortgages. But he persisted with his stupid initial plan. I think the whole bailout idea is stupid and that Paulson is an idiot, but I don't think he was planning to switch the plan until he realized that the people who said the first plan was idiotic were right