The plan is already out and the acronym is TARP. I think it stands for TAxpayer-funded Rescue Plan.
Cheers, ken hanly
Blog: http://kenthink7.blogspot.com/index.html Blog: http://kencan7.blogspot.com/index.html
--- On Fri, 9/19/08, Doug Henwood <dhenwood at PANIX.COM> wrote:
> From: Doug Henwood <dhenwood at PANIX.COM>
> Subject: [lbo-talk] Paulson pulls out all the stops
> To: "lbo-talk" <lbo-talk at lbo-talk.org>
> Date: Friday, September 19, 2008, 10:51 AM
> NEWS ALERT
> from The Wall Street Journal
>
> Sept. 19, 2008
>
> U.S. Treasury Secretary Hank Paulson, in public remarks,
> called for
> "further, decisive action to fundamentally and
> comprehensively address
> the root cause of our financial system's
> stresses," adding that
> hundreds of billions of dollars may be needed to fix the
> problems.
>
> He said the federal government must implement a program to
> remove
> illiquid mortgage assets that are weighing down financial
> institutions
> and threatening the economy. More immediately, he said,
> Fannie Mae and
> Freddie Mac -- which were taken over by the government this
> month --
> will increase their purchases of mortgage-backed debt. To
> facilitate
> that effort, Treasury will also expand the MBS purchase
> program it
> announced earlier this month.
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