Oh snap!!!
--- In AsburyPark@yahoogroups.com, "justifiedright" <[EMAIL PROTECTED]> wrote:
>
> Jack what the hell are you talking about? This column is about the
> topic Oak and Mario and Jennifer and others have been discussing all day.
>
> Your prejudice against me is showing.
>
>
>
> --- In AsburyPark@yahoogroups.com, "Jack Pitzer" <hinge98@> wrote:
> >
> > Read it. But it's in the wrong group forum. It should be in
> politics, just as the moderator
> > said. Political discussions shouldn't be here after Wed. It's Wed.
> > Now, I'm sure Tommy will argue that this relates to AP, but the
> article doesn't demonstrate
> > a connection to AP.
> > And Tommy, if you are so against the political group, because you
> think there will be
> > censorship, then I'll make you an admin. How does that sound. Please
> spare this group
> > from endless discussions that have nothing to do with AP.
> >
> >
> > --- In AsburyPark@yahoogroups.com, "justifiedright"
> <justifiedright@> wrote:
> > >
> > > Read it and weep:
> > >
> > > Paulson Speaks. But Will It Move Markets?
> > >
> > > By Liz Peek
> > > Financial Columnist
> > >
> > > Treasury Secretary Paulson held a press conference today to explain
> > > why his department has shifted the focus of the TARP program from
> > > buying distressed assets to injecting capital into banks.
> > >
> > > Financial Meltdown
> > >
> > > He emphasized that the goals of the program - to stabilize the
> > > financial system and spur lending - have not changed. However, in
> > > response to shifting events and the threat of potential systemic
> > > disruption from bank failures, Paulson and his team deemed direct
> > > capital infusions a more effective prop to the economy. Going forward,
> > > Paulson emphasized that his three objectives were strengthening the
> > > capital base of the financial system, shoring up the asset-backed
> > > securities market (which is key to lending in numerous consumer
> > > sectors) and working to mitigate mortgage foreclosures.
> > >
> > > As to the latter, Paulson pointed to the FDIC's proposed loan
> > > modification metrics used at IndyMac as a guidepost to similar
> > > efforts. He called the agreement reached yesterday with Fannie Mae and
> > > Freddie Mac "extraordinary progress" in attempting to limit mortgage
> > > foreclosures. He said, "I have been working to avoid preventable
> > > foreclosures for some time" and had reviewed innumerable proposals
> > > aimed at keeping people in their homes, but that mortgage
> > > modifications were extremely complicated.
> > >
> > > As to the outlook, Paulson described the economy's road ahead as "full
> > > of challenges." Questioned about the outlook for the Big Three
> > > automakers, clearly one of those `challenges,' Paulson described the
> > > auto industry as "critical," and the administration as supportive of
> > > manufacturing.
> > >
> > > He declined to promise a bailout of the Big Three, however, and
> > > repeated the administration's view that the solution has to lead to
> > > long-term viability for the industry.
> > >
> > > Mr. Paulson said that there was no timetable for the Treasury to ask
> > > Congress for the second half of the original $700 billion TARP plan
> > > and also confirmed that the $700 billion in funds available should be
> > > adequate.
> > >
> > > The Dow was off over 250 points as Paulson spoke. The secretary's
> > > comments are unlikely to alleviate investor concerns about the length
> > > or depth of the economic downturn, since the numerous federal programs
> > > that have already been initiated have barely taken effect. Also, the
> > > Treasury's flip-flop on the use of TARP funds confirms the reality
> > > that Paulson and his team are navigating uncharted waters - and may
> > > not have the answers that investors so desperately crave.
> > >
> > > With the global economy weakening by the day, and with financial
> > > bailouts in countries like Iceland seemingly under stress, the capital
> > > markets continue to struggle. One discouraging sign is that spreads on
> > > speculative and investment grade debt have narrowed only a fraction
> > > from 5 year highs hit on November 4. That is the equivalent, in debt
> > > markets, of voting with your feet.
> > >
> >
>
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