Paulson May Ask for Remaining $350 Billion of TARP (6 days ago said he wouldn't)

[sabra]

Source: Bloomberg

Nov. 24 (Bloomberg) -- Treasury Secretary Henry Paulson, less than a week after indicating he would let the Obama administration decide how to use the second half of the $700 billion financial fund, is considering asking for the money.

Paulson may ask Congress for the remaining $350 billion from the Troubled Asset Relief Program as he puts together plans to boost consumer credit. Treasury and Federal Reserve officials are working on an effort to buttress the market for securities backed by auto, student and credit-card loans, Paulson said last week. He’s also assembling an office to address mortgage foreclosures.

Six days ago, Paulson told Congress “it was only prudent to reserve our TARP capacity, maintaining not only our flexibility, but that of the next administration.” Since then, the collapse in Citigroup Inc. shares threatened a renewed bout of financial turmoil, and forced the Treasury to mount a rescue of the bank late yesterday.

“We plan on using our resources aggressively to support the normalization of credit markets and the expansion of credit to support economic recovery,” Paulson said in a Nov. 20 speech in Simi Valley, California. “We are actively engaged in developing programs to be implemented when ready.”

Read more: http://www.bloomberg.com/apps/news?pid=20601103&sid=aFcSMtrPJRw8&refer=us

[liberal N proud]

1. They have to get it out to the cronies before Obama stops them

[cyberpj]

2. DON'T GIVE IT TO HIM.

[Thrill]

3. Why let this idiot who is about to go back to the private sector

give money to his friends.

[pjt7]

4. STOP THE ROBBERY

(EOM)

[sarcasmo]

7. Wanna bet that he gets a job at Citibank?

[HopeHoops]

5. Paulson has his head so far up his ass he needs a window in his stomach to see out!

[sarcasmo]

6. He wants it before January 21st so he can give it to the banks and his cronies.

[whosinpower]

8. Which securities are backed by auto, student and credit card loans???

Who engineered those securities? I get very confused with all the "products" created out of vapour. None of it is real. And we are led to believe that we must accept this fantasy - or else the sky will fall.

I ask again - who engineered these securities? By what standard were they "allowed" to be sold. What has been done to stop this from happening again to restore trust? WHERE IS THE PLAN??????

[gratuitous]

9. Would you all quit rememberin' stuff???

Doggone it, it's hard enough making it up as you go along, and all these people remembering stuff makes it just that much harder. Now, hand over the money before I have to leave town. Don't you worry your pretty little heads about what for, just give it.

[customerserviceguy]

10. I think there's a reasonable chance that Congress will refuse

In the heat of the election battle, nobody wanted to be held responsible for mucking up the economy by voting against the bailout. Well, the bailout has not rescued the economy, Paulsen lied about what the money was going to be used for, and the next election is two years away.

So--with a new Treasury Secretary who seems to have no real negatives against him, they'll just wait. Hank has enriched enough of his pals with the first $350 billion.

[acmavm]

11. NO FUCKING NO FUCKING NO! I am tired of my worst enemy being my

own damn government.

THIS IS NOT HOW IT SHOULD BE. IT IS TIME TO HIT THE NET.

[indio55555]

12. Keep your eyes on the 700b..... keeep your eyes on the 700b...

Keep yours eyes on the 7000b... Don't look at the trillions being taken out through the back door.... keep your eyes on the 700b.


Thanks,
Paulson

[Neshanic]

13. Really. So sad.

[DogPoundPup]

14. Paulson May Ask for Remaining $350 Billion of TARP

Source: Bloomberg

Nov. 24 (Bloomberg) -- Treasury Secretary Henry Paulson, less than a week after indicating he would let the Obama administration decide how to use the second half of the $700 billion financial fund, is considering asking for the money.

Paulson may ask Congress for the remaining $350 billion from the Troubled Asset Relief Program as he puts together plans to boost consumer credit. Treasury and Federal Reserve officials are working on an effort to buttress the market for securities backed by auto, student and credit-card loans, Paulson said last week. He’s also assembling an office to address mortgage foreclosures.

Six days ago, Paulson told Congress “it was only prudent to reserve our TARP capacity, maintaining not only our flexibility, but that of the next administration.” Since then, the collapse in Citigroup Inc. shares threatened a renewed bout of financial turmoil, and forced the Treasury to mount a rescue of the bank late yesterday.

“We plan on using our resources aggressively to support the normalization of credit markets and the expansion of credit to support economic recovery,” Paulson said in a Nov. 20 speech in Simi Valley, California. “We are actively engaged in developing programs to be implemented when ready.”

Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=aFcSMtrPJRw8

[BlooInBloo]

15. Sigh. Just like Congress freely abdicated it's war-making power....

So they've freely abdicated their power of the purse.

Fucking worthless pieces of shit.

[truedelphi]

17. Oh they are hardly worthless. After all, their back pockets are nicely filled up

With huge pay off monies.

The Banana Republic of America. New guy at the helm, but same stinking corruption below.

[Phred42]

16. Just Say No

[99th_Monkey]

18. Isn't this CONGRESS's call? I'm sure Harry & Nancy will tell Paulson to just fuck off... right? nt

[durablend]

19. Absolutely...

And right after, they'll be on their knees begging for Paulson's forgiveness

[blue_onyx]

20. And Congress will give it to him too

Pelosi and Reid don't have the backbone to stand up to anyone.

[amitta]

21. arrest this criminal

now

[BREMPRO]

22. Paulson is not inspiring confidence

he's been a terrible comunicator, sending mixed messages and making bold changes without understanding the consequences.
he's more erratic and incompetent than McLame..

as always with bush appointees- they fail because they don't care about general welfare, but a preservation of elite power and wealth.