Paulson: "We're Talking Hundreds Of Billions"

[babylonsister]

Paulson says bold approach needed to end crisis

Paulson says he, congressional leaders will work through weekend on bold plan to end crisis

JEANNINE AVERSA and JULIE HIRSCHFELD DAVIS
AP News

Sep 19, 2008 09:18 EST


Treasury Secretary Henry Paulson on Friday sketched the outlines of a bold approach to confront the nation's financial crisis. "We're talking hundreds of billions" of dollars, he said.

Paulson said he would work through the weekend with congressional leaders to reach agreement on a plan that would address the root problems of the financial crisis gripping the country.

"This needs to be big enough to make a real difference and get to the heart of the problem," he told reporters at the Treasury Department.

Paulson said that the new troubled-asset relief program that he wants Congress to enact must be large enough to have the necessary effect while protecting taxpayers as much as possible.

"I am convinced that this bold approach will cost American families far less than the alternative — a continuing series of financial institution failures and frozen credit markets unable to fund economic expansion," Paulson said.

"The financial security of all Americans ... depends on our ability to restore our financial institutions to a sound footing," Paulson said.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

more...

http://talkingpointsmemo.com/news/2008/09/paulson_says_bold_approach_nee.php

[mod mom]

1. Go after the frickin crooks that pocketed huge bonuses/salaries, prosecute & attempt

to recoup some of the monies lost-imho

[Delphinus]

2. Yeah!

Best place to start is those responsible for making it what it is.

[Myrina]

3. no shit, seize assets of about 10 execs = likely $500 mil

why should we who pretty much have nothing left bail out the criminals?

:shrug:

[thewiseguy]

4. and who is paying for this?

[lelgt60]

5. Chump change...won't even pay for one good war...

[SweetieD]

6. And by hundreds of billions, he means Trillions.

[dysfunctional press]

7. instead of the taxpayers footing the bills, why not have the Fortune 400 pony up...?

how about a WEALTH TAX to fund the hundreds of billions that will be needed.
it seems to me that those people have A LOT more to lose than the average american in the event of a financial collapse- so it seems that THEY should be the ones to foot the bill for the damage that they and their brethren have caused.

http://www.forbes.com/2008/09/16/forbes-400-billionaires-lists-400list08_cx_mn_0917richamericans_land.html

The Forbes 400

The rich haven't gotten richer--or poorer--this year. For the second year in a row, the price of admission to The Forbes 400 is $1.3 billion. In this, the 27th edition of the list, the assembled net worth of America's wealthiest rose by $30 billion--only 2%--to $1.57 trillion..

$1.57 trillion- the PRIVATE wealth of only the top 400, each with a net worth of at least $1.3 billion...
it sure seems like there's PLENTY of private wealth available to create a bailout fund- and then some.

if the TAXPAYERS are going to foot the bill- we must DEMAND something substantive in return- universal single-payer health coverage/care, and FREE undergraduate education...for STARTERS.

but it won't happen because american taxpayers take great pride in being ass-raped by their wealthy overlords.

we DESERVE the government we get.