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  • Treasury Sec Changes Plan, Acknowledging Job Losses

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Treasury Sec Changes Plan, Acknowledging Job Losses

www.EmploymentCrossing.com US Treasury Secretary Henry Paulson plans to use the remainder of the $700 billion financial rescue program to help relieve pressures on consumer credit. The money was originally intended to buy devalued mortgage assets. “Illiquidity in this sector is raising the cost and reducing the availability of car loans, student loans and credit cards,'' Paulson said. `”This is creating a heavy burden on the American people and reducing the number of jobs in our economy,” he continued. Paulson acknowledged that the original bailout plan has not delivered what was promised Congress it would. Paulson originally sold the Troubled Asset Relief Program as a way to rid bank balance sheets of illiquid mortgage assets, and he may encounter resistance from Congress for the remaining $350 billion, after using most of the first half to buy bank stakes instead. Paulson said he has no regrets for the revised plan. `”I will never apologize for changing a strategy or an approach if the facts change,'' he said.

Google Video | November 13, 2008Watch more videos from Google Video

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