Paulson: No bailouts for the “reckless”

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A quick, important news item tonight from The Wall Street Journal: ‘The Bush administration is hardening its opposition to the chorus of Democrats, bankers, economists and consumer advocates calling for a big-money government rescue program for struggling homeowners.’

This would be the ‘epic rescue plan’ cooked up by Bank of America that The New York Times reported on last Friday.

More: ‘In an interview yesterday, Treasury Secretary Henry Paulson (pictured) branded many of the aid proposals circulating in Washington as ‘bailouts’ for reckless lenders, investors and speculators, rather than measures that would provide meaningful relief to deserving, but cash-strapped, mortgage borrowers.’

Thoughts? Comments? Email story tips to peter.viles@latimes.com.
Photo Credit: AP