Hmmmm....me thinks that if the economy is already in the toilet, someone like Mr. Paulson shouldn't just throw money at the problem and expect it to go away. Well, that is exactly what he did by granting the $700 billion bail out to the people who caused the problem in the first place. And guess what, the problem did not go away!
Well, now Mr. Paulson is actually thinking and reflecting on his past decisions...but as always, it appears to be too little too late.
This article goes in depth about How the Treasury is changing the bailout package.
Here is one of the examples. Looks like they actually had to think on this one.
"Instead, the Treasury will now use the money to buy securities backed by credit card debt, student loans, auto loans, housing and government agency debt. The intent is to help unfreeze those markets, where interest rates have soared and consumers often are unable to get credit for purchases."
The most important (yet possibly fatal) change is the banks may have to raise funds privately in order to get government money. Let's see if the banks know how to throw a good bake sale.
Click here to read the whole article and get a little bit more disgusted with the greed that has overwhelmed the elite American class.
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