US financial rescue package 'not a panacea': Paulson

[sabra]

Source: AFP

WASHINGTON (AFP) — The 700 billion dollar US financial bailout program is "not a panacea" to cure economic woes, US Treasury Secretary Henry Paulson told lawmakers Tuesday, amid growing calls for help for other sectors.

"The purpose of the financial rescue legislation was to stabilize our financial system and to strengthen it. It is not a panacea for all our economic difficulties, Paulson said at a hearing of the House of Representatives Financial Services Committee.

...

Paulson acknowledged the spillover from the global financial crisis was battering the economy, but stressed the rescue focus should remain on the financial sector.

"The crisis in our financial system had already spilled over into our economy and hurt it. It will take a while to get lending going and repair our financial system, which is essential to an economic recovery,"

An economic recovery "won't happen as fast as any of us would like, but it will happen much, much faster than it would have had we not used the TARP to stabilize our system," Paulson said.

Read more: http://www.google.com/hostednews/afp/article/ALeqM5hCAupL0Bs5in8kIylSB1_R7D7MTg

[ixion]

1. So spending a trillion we don't have makes it better, eh Hank?

yeah. right. whatever. :eyes:

We deserve what we get if we have people like this at the reigns of power.

[acmavm]

2. So Hank is saying fuck everybody and everything that isn't

a crooked Wall Street company.

[Soylent Brice]

8. that's how i interpeted it.

[Politicalboi]

3. Takes time to

Funnel money and watch the US sink even further. They should have just written the check to Hank and he would have split up the money already. Abrah Kadabrah Poof! Are we rich yet? Nobody ever looked into the 2.3 Trillion mishap in 01 but hey. Easy come easy go I guess.

[Alcibiades]

4. It's not even a placebo

As the Congress moves to consider the bailout of the Big Three, many have called for the sacking of the auto executives who led their companies into this mess, faulting their business model. Why is no one calling for the sacking of the Wall Street, banking and insurance executives, who are even more blameworthy, given that the failure of their business model threatens to bring down financial ruin upon the nation and perhaps even the world? a few of them have given up their multimillion dollar bonueses. Big deal. They should be subjected to the auto de fé.

[MasonJar]

5. Paulson has joined Mukassey and other fornerly respected men as

cheaters and liars in the Bushista crime clan. I'd bet that Schumer is disgusted that he ever pushed for Mukassey to be confirmed.

[truedelphi]

6. What did we expect from a former Erhlichman assistant?? n/t

[madrchsod]

7. the guy has no credibility yet we are supposed to listen

god.. i can`t wait till the adults are in charge

[indio55555]

9. I want my money back!

Basically the financial sector just robbed us for $700b that 777 point dip scared the *&^ out of everyone and panic vote got us here. Now watch and see what happens….

Wasn’t this the “economic bail out package” since when did it turn to “just the financial bailout package”?

AIG is still sinking and will ask for more $$$$ soon. Why not just deal with the fact and let them sink instead of drowning our dollars with it?

I don’t agree with giving the auto industry the money also, but this needs to be done. Not with more tax payers money, but with the $700b that is being wasted.

Paulson just said FU to all of us.

[Jackpine Radical]

10. The purpose of the bailout was apparently to stabiize Goldman-Sachs.

You know--the company Paulson used to head.

No others need apply.