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Paulson Explains Need for Plan to Buy Mortgages
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The plan for the government to step in with hundreds of billions of dollars to remove the illiquid mortgage and other assets from the financial institutions that have them finally has full support. Paulson says it will be less costly than the alternative and President Bush calls these steps essential after a series of efforts by Paulson and Bernanke to put out brushfires and move from crisis to crisis. And Congress fully supports the President and Paulson. Speaker Pelosi makes clear her intnetion to adjourn Congress only after this business is taken care of, no matter how long it takes.
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