A step in the right direction... Finally

[osusev]

http://news.yahoo.com/s/ap/20090209/ap_on_bi_ge/bailout_plan

 

This should have been done by the previous administration immediately but obviously the two different teams are run differently.

 

This really is probably the most important action to start to correct our course and stop a slide into a full depression.

[Mr. T]

That is what T.A.R.P. was intended to do.

 

You dont think that spending trillions of dollars will send us into a depression?

 

Where will our national debt be when the spending spree is finished? How much will the dollar be worth?

[We need Tom Tupa]

http://news.yahoo.com/s/ap/20090209/ap_on_bi_ge/bailout_plan

 

This should have been done by the previous administration immediately but obviously the two different teams are run differently.

 

This really is probably the most important action to start to correct our course and stop a slide into a full depression.

The previous administration introduced the TARP as a tool to buy up bad loans and clear them off the books of banks too scared to lend. Then Congress denounced the plan because they didnt like the way Paulson presented it. So instead we gave banks a ton of cash which they promptly sat on. Now we are going back and trying the original Paulson plan all over again. The only difference between the two administrations on this point is that Congress cant say no to Obama.

 

The attempt to attract private capital might be another difference but a) we wont really know until tomorrow and we wont ever really know how Paulson's plan would have been executed.

[osusev]

The previous administration introduced the TARP as a tool to buy up bad loans and clear them off the books of banks too scared to lend. Then Congress denounced the plan because they didnt like the way Paulson presented it. So instead we gave banks a ton of cash which they promptly sat on. Now we are going back and trying the original Paulson plan all over again. The only difference between the two administrations on this point is that Congress cant say no to Obama.

 

The attempt to attract private capital might be another difference but a) we wont really know until tomorrow and we wont ever really know how Paulson's plan would have been executed.

 

 

Your right Tupa, I was not thinking of the combative congress that Bush was dealing with. either way we will see how this is going to play out soon enough.