[R-G] Six Weeks

[Yoshie Furuhashi]

After having threatened Americans with a great depression if their
representatives don't vote for the $700 billion bailout NOW, it turns
out that the Treasury won't be able to BEGIN to put it into action for
SIX WEEKS.  In normal course, the market reacts more negatively to a
left-wing program than a right-wing one, but this financial crisis is
probably an exception. -- Yoshie

<http://www.nytimes.com/2008/10/04/business/economy/04plan.html>
October 4, 2008
For Treasury Dept., Now Comes Hard Part of Bailout
By MARK LANDLER and EDMUND L. ANDREWS

WASHINGTON — It will be one of the world's largest asset management
firms with an impressive $700 billion war chest. Nothing short of the
global economy depends on its success. And the Treasury Department has
barely a month to get it up and running.

The bailout bill that President Bush quickly signed into law on Friday
must do what financial experts have been unable to do for the last
year — put a dollar value on mortgage-related assets that no one
wants, move them off the books of ailing banks and unlock the frozen
credit markets.

In signing the measure, Mr. Bush warned Americans not to expect
instant results. "This will be done as expeditiously as possible, but
it cannot be accomplished overnight. We'll take the time necessary to
design an effective program that achieves its objectives — and does
not waste taxpayer dollars."

Even after working feverishly over the last two weeks, the Treasury
will not buy its first distressed asset from a bank for roughly six
weeks, and almost certainly not until after the Nov. 4 elections.