Paulson pushes the bounds of credibility one more time.

"U.S. Secretary Henry Paulson plans to use the second half of the $700 billion financial rescue program to help relieve pressures on consumer credit, scrapping an effort to buy devalued mortgage assets."Illiquidity in this sector is raising the cost and reducing the availability of car loans, student loans and credit cards'' Paulson said today in a speech at the Treasury in Washington. `"This is creating a heavy burden on the American people and reducing the number of jobs in our economy.'""

So scrapping an effort to buy worthless toxic junk didn't turn out to be such a brilliant plan after all. Is Paulson the last to realise that this was always going to be the case ?

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