by Calculated Risk on 9/19/2008 10:14:00 AM

Secretary Paulson just spoke and said the plan would be "hundreds of billions".

Update: A few excerpts:

"We must now take further, decisive action to fundamentally and comprehensively address the root cause of our financial system's stresses.

The federal government must implement a program to remove these illiquid assets that are weighing down our financial institutions and threatening our economy.

This troubled asset relief program must be properly designed and sufficiently large to have maximum impact, while including features that protect the taxpayer to the maximum extent possible."

I guess we know the name: Troubled Asset Relief Program (TARP). The tarp hides all sins.