Bailout no quick fix

From Miami Herald: Now the hard part begins: making the bailout work

A Treasury official, speaking on condition of anonymity because details of the agency’s plans are still being worked out, said it’s unlikely that Paulson would begin purchasing distressed assets from Wall Street banks until after the Nov. 4 election.

It could take up to six weeks, the official said, for Treasury to hire about two dozen full-time employees for the effort and to contract anywhere from five to 10 asset-management companies to help purchase and later resell troubled assets. Treasury also will have to publish procurement rules, adding to the delay before bad assets can actually be purchased and relief come to troubled banks.

This bailout is no quick fix for the economy.  This is such a big program to be tossed together in only a few weeks.

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