An enormous, taxpayer-financed program to buy up bad mortgages and other distressed debt is necessary to protect the savings and aspirations of millions of Americans, Treasury Secretary Henry M. Paulson Jr. said on Friday.
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Statement by Treasury Secretary Henry M. Paulson Jr. “We’re talking hundreds of billions” of dollars, Mr. Paulson said at a briefing in which he underscored the depth of the problem, pledged to work with Congress to address it quickly and voiced optimism that, in the end, the country would emerge from the financial chaos. Seeking to dispel any impression that the bailout would amount to a rescue of greedy Wall Street executives by Main Street Americans, Mr. Paulson said the program “will cost Americans far less than the alternative.” Resolving the financial problems is of paramount importance, not just for major corporations and investment banks but for people who have never set foot in the corridors of corporate and political power, Mr. Paulson said. “Their retirement savings, their home values, their ability to borrow for college” and their chance to find and keep good jobs depend on it, he said. Mr. Paulson said Fannie Mae and Freddie Mac, which were recently taken under the federal government’s wing, would expand their purchases of mortgage-backed securities to help ease the problems. He declined to lay out specifics of the unfolding recovery program, which he said he would work on through the weekend with lawmakers so that it can be acted upon next week. But he said that the program must be well-designed and “sufficiently large” to protect taxpayers “to the maximum extent possible.”
What needs to happen is the wealth of the greedy *&^%$ that let this happen needs to be stripped. This is turning into a Tax payer bailout of every dumb ass and every rich person in America. But he said that the program must be well-designed and “sufficiently large” to protect taxpayers “to the maximum extent possible.”
Spend more money? Our, Joe taxpayer, money.
Seeking to dispel any impression that the bailout would amount to a rescue of greedy Wall Street executives by Main Street Americans, Mr. Paulson said the program “will cost Americans far less than the alternative.”
What alternative? He does not have one, that he can think of, so this is really a bail-out of people who should be in pound-you-in-the-ass prison...!!! So lets bail out the rich folks so they can keep their monies intact and continue to f&^% us, the average Joe, over again... I THINK NOT! Paulson Explains Need for Plan to Buy Mortgages (Total Bull$hit IMHO) | 
