Mr Paulson's plan is stunning in its brevity (two-and-a-half pages) and audacity. It would authorise him to purchase any “residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages,” implying the right to take over derivative positions. A fact sheet later distributed by the Treasury broadened it to include “other assets, as deemed necessary to effectively stabilise financial markets.” The government could, in effect, buy anything it wanted: student or car loans, loans, equities, entire companies.

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