President Bush announced today that Secretary of the Treasury Paulson, with the help of Fed Chairman Ben Bernanke, will be spending $250 Billion Dollars to directly buy shares in the nations leading banks. Paulson, who frequently begins his speeches with “We regret having to take these actions”, assures us that these steps are “not intended to take over the free market but to preserve it”. (Read Article Here)
Paulson Bernanke Push $250B Worthless Money
October 15, 2008
President Bush announced today that Secretary of the Treasury Paulson, with the help of Fed Chairman Ben Bernanke, will be spending $250 Billion Dollars to directly buy shares in the nations leading banks. Paulson, who frequently begins his speeches with “We regret having to take these actions”, assures us that these steps are “not intended to take over the free market but to preserve it”. (Read Article Here)
Basically, the original plan of buying troubled stocks has been changed into purchasing stock in major banks to inject liquidity into the market. Will it Work? Jeffrey A. Miron breaks it down in his Commentary: Why this bailout is as bad as the last one.
Ron Paul News
This behavior is going to continue, I highly recommend reading my post Where To Buy Gold & Why You Should Buy It
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Tagged: Bush: U.S. to use $250B to buy into banks, Commentary: Why this bailout is as bad as the last one, economy, paulson bernanke, ron paul news