Sunday, October 12, 2008

That Was Fast

NYT: "Two weeks after persuading Congress to let it spend $700 billion to buy distressed securities tied to mortgages, the Bush administration has put that idea aside in favor of a new approach that would have the government inject capital directly into the nation’s banks — in effect, partially nationalizing the industry."

Dept. of Amplification

Paul Krugman has the "Wayback-When-Quote" -- as in "remember when .... ?"

Henry Paulson, September 23, 2008: "Some said we should just stick capital in the banks, take preferred stock in the banks. That’s what you do when you have failure. This is about success."

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