A More Stable Banking System
Henry Paulson, Secretary of the Treasury | November 19, 2008
By passing an economic rescue package, Congress intended to stabilize the banking system by “purchasing illiquid mortgages and mortgage-related securities.” ++ Rising unemployment, falling house prices and European economies in crisis have averted the desired outcome. ++ However, the next administration will have less trouble dealing with challenges as it will face a “more stable banking system.” ++ “Resources, authority and potential programs” will help deal with liquidity needs of credit providers and boost the economic recovery.
