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2008 Mortgage Crisis and Bailout Paulson Statement on Emergency Economic Stabilization Act |
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Copyright © 1998-2008 Roger A. Lee and History Guy Media; Last Modified: 11.29.08 |
October 3, 2008 HP-1175
Paulson Statement on Emergency Economic Stabilization Act
Washington- By acting this week, Congress has proven that our Nation's leaders are capable of coming together at a time of crisis, even at a critical stage of the political calendar, to do what is necessary to stabilize our financial system and protect the economic security of all Americans.
The American people will appreciate the leadership of their elected representatives and senators who took bold action to help stem a severe credit crunch that threatens to cost many jobs and undermine access to credit for working Americans.
This bill contains a broad set of tools that can be deployed to strengthen financial institutions, large and small, that serve businesses and families. Our financial institutions are varied – from large banks headquartered in New York, to regional banks that serve multi-state areas, to community banks and credit unions that are vital to the lives of our citizens and their towns and communities. Each institution has its own unique benefits, and their collective strength makes our financial system more resilient, and more innovative. The challenges our institutions face are just as varied – from holding illiquid mortgage backed securities, to illiquid whole loans, to raising needed capital, to simply facing a crisis of confidence. This diversity of institutions and challenges requires that we deploy the tools in this rescue package, in combination with the tools the Fed, the Treasury, the FDIC and other bank regulators already have, in a variety of ways that addresses each of these needs and restores the ability of our financial system to fuel our broader economy.
There is no one-size-fits-all solution to alleviating the stress in our financial system. Each situation will be different and we must implement these new programs with a strategy that allows us to adapt to changing circumstances and conditions, and attract private capital. The broad authorities in this legislation, when combined with existing regulatory authorities and resources, gives us the ability to protect and recapitalize our financial system as we work through the stresses in our credit markets.
We will move rapidly to implement the new authorities, but we will also move methodically. In the coming days we will work with the Federal Reserve and the FDIC to develop strategies that deploy these tools in an expedited and methodical way to maximize effectiveness in strengthening the financial system, so it can continue to play its necessary and vital role supporting the U.S. economy and American jobs. Transparency throughout this process will be important, and I look forward to providing regular updates as we move ahead to implement this strategy.
Source: U.S. Treasury Department Press Release--Oct. 3, 2008 |
Presidents
of the United
States--A
listing of American Presidents, with links to
biographical
information.--New President
Gerald R. Ford--the
38th President of the United
States--*Updated* Barack
Obama*New*- Dennis
Kucinich*New*- Congressman
Dave Reichert (R-WA-8th) Maria
Shriver--Former
award-winning television journalist, best-selling
author, current First Lady of California, niece to
President John F. Kennedy, and daughter of
Vice-Presidential candidate Sargent
Shriver. L.
Paul Bremer--American
diplomat who served as head of the head of the
Coalition Provisional Authority in Iraq from 2003
to 2004. Thomas
Nast-American
political cartoonist. Lorenzo
de Zavala--First
Vice-President of the Republic of Texas. William
Howard Taft-President
of the United States and later Chief Justice of the
U.S. Supreme Court. John
D. Negroponte--American
diplomat chosen to serve as the first National
Intelligence Director. Dr.
Benjamin Rush--
Signer of the Declaration of Independence, member
of the Constitutional Convention, noted physician
and ardent supporter for the abolition of
slavery. |
