Paulson Warns TARP Isn't `Panacea' for Economy Ills

[katty]

(no soup for you!)

more: http://www.bloomberg.com/apps/news?pid=20601087&sid=at8cHVhFPcDo&refer=worldwide

Paulson Warns TARP Isn't `Panacea' for Economy Ills (Update1)

By Rebecca Christie and John Brinsley

Nov. 18 (Bloomberg) -- Treasury Secretary Henry Paulson rejected using the government's financial-rescue program as a ``panacea'' for economic difficulties, clashing with lawmakers who want the funds to help beleaguered homeowners and automakers.

``The rescue package was not intended to be an economic stimulus or an economic recovery package,'' Paulson said in testimony to the House Financial Services Committee in Washington. The $700 billion Troubled Asset Relief Program was designed to stabilize financial markets and the flow of credit and ``is not a panacea for all our economic difficulties.''

[whathappened]

1. whats the problem

it worked did'nt it not , made the rich richer and the poor ended up in a ditch

[mr_hat]

2. "Just a little something for my friends,"

Paulson adds.

[ixion]

3. exactly

just something to set on the coffee table so they can help themselves when they stop by.

[katty]

4. No Paulson, apparently TARP is the Nest Egg for you&yer buds