By 2:15 pm ET on Wednesday, it was clear that Treasury Secretary Henry Paulson’s comments on the economy were ill-received by investors. In what was quite a reversal of pre-bailout strategy, Secretary Paulson said that the federal government would not be using the taxpayers’ $700 billion to purchase banks’ toxic assets after all. News of this latest development in conjunction with unfavorable quarterly reports, and a grim outlook for the auto industry’s big three, led to battered stocks across the board, as the Dow slid more than three hundred points in early afternoon trading.
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