OK, so the Treasury Dept. no longer wants to go into the real estate business and buy bad loans. Now, they want to bail out the folks that give lines of credit to anyone with a pulse, and loan money to us at 25 percent interest? Really?
"Paulson also announced that Treasury no longer plans to buy troubled mortgage-related assets from private banks – a move which the secretary admitted had been the original intent of the bailout.
“We asked for $700 billion to purchase troubled assets from financial institutions,” he said.
However, due to what Paulson described as a “considerably” more troubled financial market, Treasury has abandoned that goal.
“We are not planning to purchase illiquid mortgage assets,” he said.
Does this guy have any clue what he's doing?
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