kerrin
10-11-2008, 08:54 PM
...Treasury Secretary Henry Paulson announced late Friday night that the government would buy part ownership in an array of American banks.
President Hoover tried something like that in 1932 during the Great Depression. ...the Bush administration's approach... similar to Britain's move to pour cash into its troubled banks in exchange for a stake in them.
So the administration decided to use the bailout bill to pump equity directly into the banks—an idea never mentioned during the congressional debate. The administration says it is authorized by an obscure provision of the 400-page legislation.
http://www.breitbart.com/article.php?id=D93OL0980&show_article=1
I find this unsettling. More government control of financial institutions, haven't they done enough damage?
President Hoover tried something like that in 1932 during the Great Depression. ...the Bush administration's approach... similar to Britain's move to pour cash into its troubled banks in exchange for a stake in them.
So the administration decided to use the bailout bill to pump equity directly into the banks—an idea never mentioned during the congressional debate. The administration says it is authorized by an obscure provision of the 400-page legislation.
http://www.breitbart.com/article.php?id=D93OL0980&show_article=1
I find this unsettling. More government control of financial institutions, haven't they done enough damage?