This popped up on CNN today, so I thought I'd share it here since none of my friends have heard about it yet. Apparently they are "shifting" the Bailout so it now helps people with credit card and auto loans, and are no longer going to buy troubled mortgages.
Quote:
NEW YORK(CNNMoney.com) -- Treasury Secretary Henry Paulson said Wednesday the government would broaden the reach of the $700 billion bailout plan to support non-bank financial institutions that provide consumer credit, such as credit cards and auto loans.
In this second stage of the bailout, officials also hope to attract private capital, possibly through matching investments, to give the government's injections more heft.
Paulson also said the government is no longer planning to buy troubled mortgage assets, the original goal of the plan. And officials are continuing to examine ways to help homeowners and slow the tide of foreclosures.
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The full story can be read here
http://money.cnn.com/2008/11/12/news...lson/index.htm