Paulson, Bernanke Put Bank Aid Ahead of Best Deal

[NeoConsSuck]

Source: Bloomberg.Com

Sept. 24 (Bloomberg) -- Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke have signaled that their priority is shoring up the nation's banks even if it means they don't get taxpayers the cheapest prices for the devalued assets the government buys.

``I am not advocating that the government intentionally overpay,'' Bernanke told the Joint Economic Committee today, in response to a question from U.S. Rep. Jim Saxton, a New Jersey Republican.

At the same time, Bernanke also repeated his view that the government won't pay ``fire-sale prices'' for the mainly mortgage-related securities Paulson aims to buy in a proposed $700 billion rescue. Officials want to set a long-term value on assets, holding them until they mature or markets improve.




Read more: http://www.bloomberg.com/apps/news?pid=20601109&sid=ajKCFjCBzU80&refer=home

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This is incredible. They aren't even trying to hide the fact that the taxpayer is in for a royal screwing.

[Skink]

1. We're on to them.

That's why W went on television. To try and put lipstick..

[curious one]

2. This is not a real crisis. It is designed to take our money and bankroll their friends losses.

[GinaMaria]

3. yep. Keep the pressure on Congress

Do not let them cave. Demand they act responsibly with our money. Make clear the consequences of signing off on this crap.

[depakid]

4. That's a pretty ignorant statement to make