Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Get ready to hear a lot about TARP — the "troubled asset relief program" that Treasury Secretary Henry Paulson proposed Friday as a way for the government to take bad mortages off the loans of the nation's financial institutions.
"The federal government must implement a program to remove these illiquid assets that are weighing down our financial institutions and threatening our economy," Paulson said in his statement.
In the original plan presented by Secretary Paulson, the government would buy troubled (toxic) assets in insolvent banks and then sell them at auction to private investor and/or companies. This plan was scratched when Paulson met with United Kingdom's Prime Minister Gordon Brown who came to the White House for an international summit on the global credit crisis.[citation needed] Prime Minister Brown, in an attempt to mitigate the credit squeeze in England, merely infused capital into banks via preferred stock in order to clean up their balance sheets and, in some economists' view, effectively nationalizing many banks. This plan seemed attractive to Secretary Paulson in that it was relatively easier and seemingly boosted lending more quickly. The first half of the asset purchases may not be effective in getting banks to lend again because they were reluctant to risk lending as before with low lending standards. To make matters worse, overnight lending to other banks came to a relative halt because banks did not trust each other to be prudent with their money.
On November 12, 2008, Secretary of the Treasury Henry Paulson indicated that reviving the securitization market for consumer credit would be a new priority in the second allotment.[16][17]
On December 19, 2008, President Bush used his executive authority to declare that TARP funds may be spent on any program that Secretary of Treasury Henry Paulson,[18] deemed necessary to alleviate the financial crisis.
Last edited by Cletus Awreetus-Awrightus; 08-31-2011 at 12:35 PM..
primary: first or highest in rank or importance; chief; principal
first in order in any series, sequence, etc.
first in time; earliest Primary | Define Primary at Dictionary.com
primary: first or highest in rank or importance; chief; principal
first in order in any series, sequence, etc.
first in time; earliest Primary | Define Primary at Dictionary.com
I'm enjoying watching you squirm, as if the definition of "primary" has any bearing on what took place, as if what actually occured hinges upon the meaning of this one phrase in a wapo article.
I like how I can say something that totally blasts your argument out of the water, and you just ignore it. Your dedication to the Bush administration and the Republican Party is impressive.
I'm enjoying this. I want to see what acrobatics you come up with next to try and absolve Paulson of responsibility.
I'm not absolving Paulson of anything. The problem here is that you don't seem to understand that Bernanke,Paulson, Geithner, and Obama are all complicit in this together. Why else would Obamaimmediately appoint Geithner as his Treasury Secretary?
Incidentally, from the Rick Newman article you linked...
Quote:
TARP's chief architect was Henry "Hank" Paulson, President Bush's treasury secretary, who led the financial rescue along withFederal Reserve Chairman Ben Bernanke and New York Fed Chairman Tim Geithner, who's now Paulson's replacement at treasury. Their initial plan was to use the $700 billion in TARP funding approved by Congress last October to purge financial firms of their so-called toxic assets.
Their. They were all involved in creating TARP, an all out giveaway to the fraud-commiting banksters.
Many were unhappy about Obama nominating Tax Cheat Timmy Geithner, but the dumb*ss Dems and liberals never did anything about it.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
