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into believing this bailout plan was all about us.
Commentary: Bailout switch has some up in arms
Story Highlights
Brown: Treasury's new plan for $700 billion could be seen as flip-flop
She says Congress voted for mortgage aid, but now funds will go to bank stocks
Treasury Secretary Henry Paulson defends the switch in spending
By Campbell Brown
CNN
Editor's note: Campbell Brown anchors CNN's "Campbell Brown: No Bias, No Bull" at 8 p.m. ET Mondays through Fridays. She delivered this commentary during the "Cutting through the Bull" segment of Wednesday night's broadcast.
(CNN) -- On Wednesday, there was a big change to the government bailout plan and already a lot of people are screaming foul.
Treasury Secretary Henry Paulson told us he now has a different plan for how to spend that $700 billion of your money.
When Congress OK'd the bailout package, they all told us it would be spent buying troubled mortgage assets.
That's what Congress voted on. That's what Congress approved.
Now, Paulson says it would be better for the economy if he uses the money to buy bank stocks as a way to help their balance sheets so they are more likely to lend you money for a car or student loan or credit card.
Some today are accusing Paulson of being a flip-flopper.
Here's more of how he explained the big change:
Secretary Paulson: "What we said to Congress was we needed a financial rescue package because the credit markets were stopped up.
"And we were focused on the problem. And when we went to Congress, the liquid assets looked like the way to go.
"As the situation worsened, the facts changed.... And I will never apologize for changing an approach or strategy when the facts change.
Commentary: Bailout switch has some up in arms
Story Highlights
Brown: Treasury's new plan for $700 billion could be seen as flip-flop
She says Congress voted for mortgage aid, but now funds will go to bank stocks
Treasury Secretary Henry Paulson defends the switch in spending
By Campbell Brown
CNN
Editor's note: Campbell Brown anchors CNN's "Campbell Brown: No Bias, No Bull" at 8 p.m. ET Mondays through Fridays. She delivered this commentary during the "Cutting through the Bull" segment of Wednesday night's broadcast.
(CNN) -- On Wednesday, there was a big change to the government bailout plan and already a lot of people are screaming foul.
Treasury Secretary Henry Paulson told us he now has a different plan for how to spend that $700 billion of your money.
When Congress OK'd the bailout package, they all told us it would be spent buying troubled mortgage assets.
That's what Congress voted on. That's what Congress approved.
Now, Paulson says it would be better for the economy if he uses the money to buy bank stocks as a way to help their balance sheets so they are more likely to lend you money for a car or student loan or credit card.
Some today are accusing Paulson of being a flip-flopper.
Here's more of how he explained the big change:
Secretary Paulson: "What we said to Congress was we needed a financial rescue package because the credit markets were stopped up.
"And we were focused on the problem. And when we went to Congress, the liquid assets looked like the way to go.
"As the situation worsened, the facts changed.... And I will never apologize for changing an approach or strategy when the facts change.
one big pappy show fi real
he didn't speak to them about it
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