HOW WE GOT INTO THIS MESS — By Frederic L. Milliken

By Striker, on February 5th, 2009

The first rescue package of $700 billion passed by the Bush Administration was supposed to buy back this bad paper. Instead the government … gave half of it to banks with no strings attached instead of designating it for security redemption. The banks did not use the money to redeem the bad paper certificates…

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February 5th, 2009 | Tags: , , , , , , , | Category: Money-Banking, SocialSites | Leave a comment