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under the tarp .....
US Treasury Secretary Henry Paulson has clashed with members of Congress over the $700bn US financial bail-out plan.
Mr Paulson told a Congressional committee that injecting cash into banks was the most effective way to stabilise the financial system.
However critics on the committee said that more of the money should be used to help struggling homeowners avoid losing their homes.
Mr Paulson said the bail-out would not be "a panacea" to cure economic woes.
"It will take a while to get lending going and repair our financial system, which is essential to an economic recovery," Mr Paulson said.
Mr Paulson and Federal Reserve chairman Mr Bernanke were giving evidence to the House financial services committee about the Troubled Asset Relief Programme (TARP) scheme.- By Gus Leonisky at 19 Nov 2008 - 7:19pm
- Gus Leonisky's blog
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banker's siphoning off taxpayer's cash...
A mutinous backlash is growing in Britain this weekend against banks' plans to carry on paying staff millions in bonuses as if the credit crunch had never happened. The Independent on Sunday understands that the Government intends to try to head off the rising tide of resentment against bankers by saying that it will be an "active shareholder" in the institutions receiving significant bailout cash, and say no to "excessive payments".
The bankers siphon off massive wealth....