The reversals of market wisdom

Reason
by Jacob Sullum

Remember when Treasury Secretary Henry Paulson warned us, back in September, that the economy was about to collapse unless Congress immediately authorized him to spend $700 billion on ‘troubled assets’ held by banks? Remember when he said banks would never lend again as long as they remained saddled with these bad investments? You do remember? So it’s not just me. I was beginning to think I had dreamed the whole thing. In November, Paulson said the Treasury Department would not be buying any troubled assets after all. Instead it would use the $700 billion to buy the banks themselves, which I could almost swear Paulson had said was a bad idea a couple of months before... (for publication 02/09)

//www.reason.com/news/show/130837.html


Informant: Thomas L. Knapp



//freepage.twoday.net/search?q=Treasury
//freepage.twoday.net/search?q=Paulson
//freepage.twoday.net/search?q=$700
//freepage.twoday.net/search?q=troubled+assets
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