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The Never-Ending Bailout
Yesterday, the federal government put aside its bailout plan of buying up distressed mortgages in favor of a new plan—directly buying ownership stakes in banks that are struggling. The New York Times reports that this will now be "the primary focus" of recovery efforts. "We can use the taxpayer's money more effectively and efficiently, get more for the taxpayer's dollar, if we develop a standardized program to buy equity in financial institutions," Treasury Secretary Henry Paulson said.
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