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Henry Paulson abandons plan to purchase bad mortgages and will invest $700bn bailout in banks
- Text size
Tom Baldwin
Times Online
November 13, 2008
Henry Paulson announced a $700 billion U-turn on Wednesday when he said that Washington would no longer be using taxpayer money to buy distressed assets from troubled banks.
- A d v e r t i s e m e n t
The Treasury Secretary’s change of heart marks a dramatic shift, given that the primary purpose of the $700 billion bailout fund, approved in Washington only in September, had been to purchase mortgage-backed securities from troubled lenders.
Instead, Mr Paulson said that he planned to use all the funds — $350 billion of which has already been earmarked — to inject capital into banks by acquiring equity stakes in them. At the same time, the US Treasury Secretary, who has less than three months left in office, said that he supported the idea of bailing out America’s collapsing car industry but insisted that his bailout fund should not be used for that purpose.
Mr Paulson, acknowledging the U-turn, said: “I will not issue an apology for changing the strategy when the facts change. We had to move quickly. What we said to Congress then [in September] was that we needed a financial rescue package. And we got a wide array of authorities to use it.”
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November 13th, 2008 at 3:22 pm
America is done for! These people are loonatics! To arms, to arms, to arms!
November 13th, 2008 at 3:29 pm
I have to agree with #1
November 13th, 2008 at 4:19 pm
George Carlin was right…America is Done! My friends who have just “woke up” are beginning to panic…even though they laughed at me a few years ago…go figure! I guess we’re all Kooks…until the s--- hits the fan…then we become generals…time to man up.
November 13th, 2008 at 4:37 pm
I thought Iraq was going to be the biggest theft in history…….
You gotta hand it to them. Theyve just screwed just about everyone in America.
Maybe Lord Obama will fix it for you. Ha
November 13th, 2008 at 4:39 pm
Equity stakes? SCAM.
Once the money gets inside these banks it will get eaten and never seen again.
We,the taxpayers, are left with paper certificates partly owning a scam factory. These certificates will probably be worthless is 2-3 years.
SCAM.
November 13th, 2008 at 4:54 pm
>>Mr Paulson, acknowledging the U-turn, said: “I will not issue an apology for changing the strategy when the facts change.<<
There is only one strategy: Punt
November 13th, 2008 at 6:28 pm
That Hommie better come up with my money soon!!!!
November 13th, 2008 at 6:33 pm
I also think 1# could be right
November 13th, 2008 at 7:04 pm
It’s just sad to see people dont really read what’s going on and let what the news tells them be accepted. Dont check into the story just get half assed truth (at best)
November 13th, 2008 at 9:09 pm
Anyone see a trend here? Tell Congress Iraq has WMD’s. Congress votes to invade Iraq. Then change your mind and tell the people there are no WMD’s. Tell Congress that the money is needed to bail out the banks of toxic mortgages derivatives. Congress votes for the bailout plan. Then change your mind and tell the people the money is not to bail out the banks of their mortgage derivatives.
Lie to Congress. Congress votes on the lie. Change your mind. Simple, effective and down right treasonous.
November 13th, 2008 at 9:47 pm
so he took OUR money, gave it to the banks so they could lend it BACK to US??
nice. Well, i guess lying to congress is acceptable. unfortunately the sheeple will wait until it’s too late to fight back.
all i can recommend is to protect yourself and your family, at this point.
November 13th, 2008 at 10:09 pm
You could have watched this article on your HDTV with http://www.freedomonmytv.com!
November 13th, 2008 at 11:07 pm
Federalizing the US banks, printing more worthless money, now we will have another false-flag attack to implement marshall law, Berlin 1930’s looks familiar-Cwhoreporate Fascist Governement.
What a f*****g mess.
November 13th, 2008 at 11:22 pm
I can hear Paulson and his globalist puppet masters laughing their heads off and saying “”Those are a bunch of ignorant idiots!! Did they really think that we had any intention of helping those who are now homeless and in foreclosure!!?? What a bunch of dumb jackasses those Congressmen and Congresswomen are!!”"
November 13th, 2008 at 11:58 pm
#13
You made it sound so clear, it make sense!
Here’ what comes to my mind about this situation and any other secret/shill (;)) agendas
“For God will bring every work into judgment, including every secret thing, whether good or evil. ”
– Ecclesiastes 12:14
November 14th, 2008 at 12:16 am
“For though we walk in the flesh, we do not war according to the flesh. For the weapons of our warfare are not carnal but mighty in God for pulling down strongholds, casting down arguments and every high thing that exalts itself against the knowledge of God, bringing every thought into captivity to the obedience of Christ.”
Prayer and a humble heart towards G-d is the key to “any” victory.
Remember the LORD and He will prosper you in “all” you do!
“The LORD will open to you His good treasure, the heavens, to give the rain to your land in its season, and to bless all the work of your hand. You shall lend to many nations, but you shall not borrow.”
-Deuteronomy 28:12
November 14th, 2008 at 12:19 am
Traditional sources are unlikely to work because the scam is so HUGE! First off, the US has had the illegal creation of the Federal Resrve for about 95 years–in that span of time the Fed has helped to usher in the IRS (its collection agent), WWI, orchastrated stock market crash of 1929 that it manipulated into happening, the removal of the gold standard in 1933, entry into WWII, entry into the Korean War that many still do not know why we entered, JFK assassination, entry into Viet nam war, on up to the present with other false flag operations such as inside job 911, illegal war on Iraq, Gitmo, Patriot Act that basically nullifies our US Constitution…the illegal $700 billion bailout, ETC. ETC. ETC. Do you recall that on 9-10-2001 Rumsfeld announced that their was some $2.6 TRILLION unaccounted? The following day 9-11, and then a little later on, it was reported Rumsfeld was in error, the more accurate amount of missing $ was $3.4 TRILLION! This was announced with an explaination that we will never be able to know for sure how it was stolen from the US people snce the evidence were located in the Pentagon and Twin Towers, like the ENRON evidence–how convenient. Hmmm. Could such vast amounts of money help to finance a 9-11 false flag operation? We rightly squabble about $700 Billion bailout, but $3.4 TRILLION based on 2001 value is some five times this most recent bailout! The illegal Federal Reserve has capitalized and encouraged every war and false flag operation that it financed into existence with monopoly money that is not based on anything; yet, the Federal Reserve charged interest on such a fiat system and therefore manipulated much of the true wealth and assessts of this country away from WE THE PEOPLE! How many of you have lost a family member or friend in the manufactured wars of the 20th and now 21st century? How many have died. In WWI and WWII it is estimated as much as a 100 MILLION died in those senseless wars. In Vietnam, one million vietnamese died–not counting US deaths. In Iraq, MILLIONS have died since its manipulated war with Iran in the 1980s, and speaking of Iran, now the US (CIA/MOSAD) are encouraging a war with Iran! When will it cease? Who stands to gain by such evil manipulations? Surely WE THE PEOPLE do not gain anything from wars and rumors of wars, so why participate in a game that offers you no true lasting benefits/rewards? Folks, you want change? Then get involved and do what your heart, mind and soul directs you to do to bring about a lasting change to usher in JUSTICE and hopefully PEACE. NUFF SAID–GET INVOLVED! Peace.
November 14th, 2008 at 1:26 am
Yeah, Henry. Since there is no oversight and no way watch what you are doing, we just don’t know what you will do with the money. Thank you Congress! Thank you Obama and McCain. f--- you, Obama and McCain. f--- you, Congress! Take back America now!! Join with me in blogging. LOL.
November 14th, 2008 at 1:53 am
How did these criminals come up with the amount of $700 Billion if they had no idea what they were gunna spend it on?.
America has been played once again by the people who are supposed to be running the show.
What a sorry bunch of dumb lazy apathetic TV addicted pricks. WAKE UP AMERICA.
November 14th, 2008 at 3:03 am
Wide arrange “IS” right!!! “All ‘HAIL’ Thermal Expansion!!!”
November 14th, 2008 at 5:33 am
I am shocked… not really
November 14th, 2008 at 6:16 am
I don’t really understand anything to do with economics so I didn’t understand what buying distressed assests from troubled banks were, but regardless I knew that whatever they do, it’s a scam. Now that I read the article, I feel exactly like ven (23). I keep on telling pople that the only thing politicians do is lie and they’ve been lying in people’s faces since way before the times of the Romans, but nobody gets it, or if they do, they’re too cowardly to do anything. Here they were coercing congress which yielded in round 2. I’m not American but the same thing is bound to happen in most every country; they won’t put their hands on my gold without a fight.
And to think that we were all once told: there’s no future for criminals.
November 14th, 2008 at 9:00 am
For the billionth time, it’s martial law, not marshall law. Douche.
November 14th, 2008 at 11:07 am
Elvis #21 _ Paulson was questioned on that after the first “No” vote before it became a “yes” vote.
Congress admitted they didn’t know how to figure it out. Solution.. grab citizen by ankles and invert, begin shaking until pockets are empty, send back to work, repeat process daily.
The financialproblem is so out of hand no one knows what is what. Paulson just threw the $700 B figure out there to see if he could get the money from the citizen to be given to the FED. Plan worked.. FED $700 more wealthy.. citizens in debt for generations to come.
November 14th, 2008 at 1:22 pm
The FOIA request and law suit filed are precisely why Hank Paulson had to change the game plan. He is playing fast and loose in an attempt to keep the house of cards standing till the new King takes his throne. He may keep it up for a while but it will inevitably fall. That is why Ben Bernanke a expert in depression economics was appointed to the FED. He’s the man that engineered the mess. Paulson in the Herman Goering responsible for the execution of the plan to kill the American economy and beat us down and accept submission to the tyrants. Finally we sadly after sufficient blunt force pummeling from Paulson Georing we the masses of mobocracy will voluntarily accept (it has to be voluntary consent that way can wash their hands and say its our fault because we accepted) their new plan for survival. Tacit approval you didn’t say NO! The coup is over people. The Reichstag has burned. You Americans are to dim witted to realize it and to cowardly and chicken s--- to do anything about it. What good is the second amendment if you are so timid and cowed to use it. Boy I’ll your forefathers are really proud of you now. After all the blood, toil and treasure they invested in assuring that you had the means to protect yourself from tyranny. They have produced a nation of cowards. You believe you can solve this with a piece of paper. Hitler was a psycho but he once said when challenged about the law. “Put me in a room, you with your law and me with a dagger and we shall who prevails”. You can file all the paper you like and it means nothing. The Republic is destroyed. Drink the kool aid.
When the American people finally figure it out that have been bilked and swindled out of everything there will be hell to pay and rightly so. But the numbers of men and women that will take action will be small. The rest of you will sit with you thumb in your asses shaking in your shoes watching those nasty rebels on the nightly propaganda box with the beautiful talking heads.The election is a smoke screen scam to keep the publics attention while the shell game continues, further mudding the waters so the perpetrators can conceal the footprints of their criminal activity. Just like the Nazi’s that escaped after WWII this group of thugs will vanish to some place with no extradition treaty. Or they will just put you all in a camp. By then you will deserve it.
November 14th, 2008 at 1:43 pm
#21 Elvis: They pulled number out of a dark place and made it big enough that the people will stand in awe to convince them, boy duh,it must be really really serious duh, to need that much money to fix it duh. Now the people are numb and dumb. Economic PTSD. Congress cant figure it out because most of them are idiots and have to paint lines on the floor for them to find the toilet and their desks. They suffer from terminal testicular atrophy and they are so afraid of failure before the public they are paralyzed. Neil Kash UnKarry and all the others should not be safe anywhere in this nation. If you see, him do your duty kick him off the planet. Dirt nap.
My father is looking down and saying, boy you aint started shooting yet. Your a pecker. Why did I teach you to shoot? The government spent a lot of good money training you. Use it.
November 29th, 2008 at 10:05 am
This is illegal, congress approved the money for one purpose now, the grand puba just say’s “NO”, I will use this to help socialize the US by creating more control over banking… oh and the best part… THE TAX PAYER WILL FOOT THE BILL!!!
How do we stop this folks?
December 1st, 2008 at 9:47 am
It’s time to change from within. Go to http://www.upgradeyounow.com and take a step for yourself, stop being a spectator and take positive action in your own life!
Upgrade You Now!
December 9th, 2008 at 2:57 pm
Herman Miller Inc. on Tuesday announced plans to slash hundreds of area jobs while rival Steelcase Inc. warned it may shed 300 workers as both brace for effects of the global economic downturn. Zeeland-based Herman Miller on