- Prison Planet.com - http://www.prisonplanet.com -

Paulson Says U.S. Was ‘Close’ to Financial Collapse

Posted By admin On February 2, 2010 @ 11:06 am In Featured Stories | Comments Disabled

Michael McKee and Peter Cook
Bloomberg [1]
Tuesday, February 2nd, 2010

The U.S. economy came “very close” to collapsing into a second Great Depression and the government had no alternative to bailing out financial firms, former Treasury Secretary Henry Paulson said.

“There was a time when the credit markets had essentially frozen and when blue chip industrial companies were having trouble raising money,” Paulson said in an interview today on Bloomberg Television. “I knew then we were on the brink.”

“We easily could have had unemployment of 20 percent,” he said. “That would have meant millions of additional jobs lost, millions of additional homes lost, trillions more lost in savings. It would have been terrible.”

Paulson, who has just published his memoir, “On The Brink,” said he understands the criticisms of the bailouts of financial institutions such as Bear Stearns Cos. and American International Group Inc.

Full article here [1]

“When the people find they can vote themselves money, that will herald the end of the republic.”Fall Of The RepublicBuy the DVD here [2]

Paulson Says U.S. Was ‘Close’ to Financial Collapse  FOTR 340x1692 [2] 

Article printed from Prison Planet.com: http://www.prisonplanet.com

URL to article: http://www.prisonplanet.com/paulson-says-u-s-was-%e2%80%98close%e2%80%99-to-financial-collapse.html

URLs in this post:

[1] Bloomberg: http://www.bloomberg.com/apps/news?pid=20601087&sid=axCgjHqNkaw0&pos=2

[2] Buy the DVD here: http://infowars-shop.stores.yahoo.net/faofreprofba.html

[3] Paulson Feared Run On The Dollar: http://www.prisonplanet.com/paulson-feared-run-on-the-dollar.html

[4] Paulson May Seek Next $350 Billion in Financial-Rescue Funds: http://www.prisonplanet.com/paulson-may-seek-next-350-billion-in-financial-rescue-funds.html

[5] Paulson Says Russia Urged China to Dump Fannie, Freddie Bonds: http://www.prisonplanet.com/paulson-says-russia-urged-china-to-dump-fannie-freddie-bonds.html

[6] Stephanopoulos: Paulson Fears Deal May Collapse: http://www.prisonplanet.com/stephanopoulos-paulson-fears-deal-may-collapse.html

[7] Paulson: 25% unemployment rate without AIG bailout: http://www.prisonplanet.com/paulson-25-unemployment-rate-without-aig-bailout.html

Copyright © 2013 PrisonPlanet.com. All rights reserved.