Feds Privatize Bailout: Wall Street To Manage Its Own Bad Mortgage Debt
The bailout plan would:
"...include buying assets only from United States financial institutions - but not hedge funds - and hiring outside advisers who would work for the Treasury, rather than creating a separate agency."
The New York Times
September 20, 2008
Bush Officials Urge Swift Action on Rescue Powers
By EDMUND L. ANDREWS
WASHINGTON - The Bush administration, moving to prevent an economic cataclysm, urged Congress on Friday to grant it far-reaching emergency powers to buy hundreds of billions of dollars in distressed mortgages despite many unknowns about how the plan would work.
Henry M. Paulson Jr., the Treasury secretary, made it clear that the upfront cost of the rescue proposal could easily be $500 billion, and outside experts predicted that it could reach $1 trillion.
--MORE--
"...include buying assets only from United States financial institutions - but not hedge funds - and hiring outside advisers who would work for the Treasury, rather than creating a separate agency."
The New York Times
September 20, 2008
Bush Officials Urge Swift Action on Rescue Powers
By EDMUND L. ANDREWS
WASHINGTON - The Bush administration, moving to prevent an economic cataclysm, urged Congress on Friday to grant it far-reaching emergency powers to buy hundreds of billions of dollars in distressed mortgages despite many unknowns about how the plan would work.
Henry M. Paulson Jr., the Treasury secretary, made it clear that the upfront cost of the rescue proposal could easily be $500 billion, and outside experts predicted that it could reach $1 trillion.
--MORE--