Treasury Secretary Paulson Changes Mind Again: “It Would Be Better If I Just Hold Onto the Money.”

WASHINGTON – Treasury Secretary Henry Paulson has changed his mind again. In September, he said the Treasury Department needed $700 billion dollars to buy troubled assets. Earlier this week, Paulson said the Treasury Department would not buy troubled assets but would buy equity stakes in troubled companies.

This morning Paulson announced what he called his final position: “On careful review of the economy, It would be better if I just hold the money and use it as I deem appropriate.”

First, Paulson said he would use the money to support consumer debt “by outfitting my entertainment room with the latest technology.” Second, Paulson said he would forgive his credit debt for the swimming pool he purchased last summer “and thus simultaneously stimulate the economy and my heart by allowing me to have a hearty swim without worrying about paying for the pool.”

Nov 14