Treasury to purchase car loans:

Something's fishy:

The U.S. Treasury submitted revised guidance to Congress on its plan a day after first submitting it, as lawmakers and lobbyists push their own ideas. Officials now propose buying what they term troubled assets, without specifying the type, according to a document obtained by Bloomberg News and confirmed by a congressional aide.

The change suggests the inclusion of instruments such as car and student loans, credit-card debt and any other troubled asset. That may force an eventual increase in the size of the package as Democrats and Republicans in Congress negotiate the final legislation with the Bush administration, analysts said.

Why not just purchase all outstanding loans. You know, take them off the banks' books so that they can start free and totally clear of everything they've done the last decade.


posted by Quiddity at 9/21/2008 09:44:00 PM