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Paulson Discusses Bailout Effort

WASHINGTON --Saying that it was necessary to "stabilize the system and get at the root cause" of the current financial crisis, Treasury Secretary Henry Paulson said today that he and lawmakers will work through the weekend to iron out details of a bailout of the financial markets that could cost...

By Claude R. Marx | Updated on September 19, 2008

WASHINGTON –Saying that it was necessary to “stabilize the system and get at the root cause” of the current financial crisis, Treasury Secretary Henry Paulson said today that he and lawmakers will work through the weekend to iron out details of a bailout of the financial markets that could cost “hundreds of billions dollars.”

He did not disclose details except to say that the plan must “remove these illiquid assets that are weighing down our financial institutions and threatening our economy.”

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