WASHINGTON – Treasury Secretary Henry Paulson says that the $700 billion government rescue program will not be used to purchase troubled assets as originally planned.
Paulson says the administration will continue to use $250 billion of the program to purchase stock in banks as a way to bolster their balance sheets and encourage them to resume more normal lending.
He announced a new goal for the program to support financial markets, which supply consumer credit in such areas as credit card debt, auto loans and student loans.
http://news.yahoo.com/s/ap/financial_meltdown#full
Topic: Paulson says troubled assets will not be purchased (Read 417 times)