Paulson attempting to orchestrate a non-bailout bailout
Paulson has been busy this weekend working out the details on the non-bailout, bailout. This is surely an interesting exercise in government intervention if I ever saw one. Paulson has answered my question on who will pay from my last post (via Bloomberg):
He stressed no government money will be involved. Homeowners who can afford an increase on their mortgages, as well as those who don't ``have the financial capability to own a home'' won't be offered a ``freeze'' on their interest rates, Paulson said.
Somehow I doubt we'll escape this mess without a massive bailout involving government (hence yours and my) money involved. Paulson can play this charade for now. It'll be interesting to see how much longer he can juggle these balls in the air before the markets collapse around him. Can we make it through Bush's term and pass the buck to Hillary?
