...We can't let the democrats take their focus off the real danger to our economy.
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Uses for $700 Billion Bailout Money Ever Shifting
Sunday 26 October 2008
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by: John Dunbar, The Associated Press
Treasury Secretary Henry Merritt "Hank" Paulson Jr. (Illustration: Paul Giambarba / t r u t h o u t)
Washington - First, the $700 billion rescue for the economy was about buying devalued mortgage-backed securities from tottering banks to unclog frozen credit markets.
Then it was about using $250 billion of it to buy stakes in banks. The idea was that banks would use the money to start making loans again.
But reports surfaced that bankers might instead use the money to buy other banks, pay dividends, give employees a raise and executives a bonus, or just sit on it. Insurance companies now want a piece; maybe automakers, too, even though Congress has approved $25 billion in low-interest loans for them.
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http://www.truthout.org/102908A