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  • “Regarding mortgages, Mr. Paulson is in a tong war with Sheila C. Bair, chairwoman of the Federal Deposit Insurance Corporation, who wants to deploy a small fraction of the TARP money to refinance millions of mortgages. Her plan may not be perfect — whose is? — but she’s pushing in the right direction. But he, apparently, disagrees and has devoted no money to this purpose.�?

    The New York Times, Missing the Target With $700 Billion, by Alan S. Blinder, December 20, 2008

    December 22, 2008

  • According to Wikipedia, a Tong is a kind of nineteenth century secret society formed by Chinese-American immigrants.

    December 22, 2008