The stock market continues to tank, but have no fear. Treasury Secretary Hank Paulson Is considering new bail-outs! Reports the Wall Street Journal:
Treasury Secretary Henry Paulson Monday reiterated that his department is still aggressively examining new ways to stabilize financial markets, stem foreclosures, and boost the economy.
But the outgoing official also made clear that he plans to discuss any new initiatives with Congress and President-elect Barack Obama’s team. (Read the full text of Mr. Paulson’s remarks.)
Mr. Paulson’s comments come as fears of a severe, protracted global slowdown continue to mount.
“We are actively engaged in developing additional programs to strengthen our financial system so that lending flows into our economy,” he said, according to the text of a speech he plans to give at a business leader and policy expert forum in Washington. “When these programs are ready for implementation, we will discuss them with the Congress and the next administration.”
Mr. Paulson said Treasury also continues “to look at additional capital strategies.” Still, Treasury will assess the impact of its first market rescue program in order to evaluate the size and focus of an additional program. Under the first program, Treasury committed $250 billion to purchasing stakes in various banks.
Meanwhile, Mr. Paulson said Treasury is still examining potential foreclosure mitigation ideas that could be funded through its $700 billion Troubled Asset Relief Program, or TARP.
“And of course, as we consider potential new TARP programs, we must also maintain flexibility and firepower for this Administration and the next, to address new challenges as they arise,” Mr. Paulson continued.
What’s another few hundred billion among friends!?
Come on, let’s cut out the financial middlemen. Just load up all of those empty B-52s which haven’t been of much use since the Soviet Union collapsed with cash and drop it all over America. The U.S. is supposed to be the land of equal opportunity: bail-outs for everyone! What could be a better consummation of the grand experiment begun in 1776?