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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
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.
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URLs in this post:
 Bloomberg: http://www.bloomberg.com/apps/news?pid=20601087&sid=axCgjHqNkaw0&pos=2
 Buy the DVD here: http://infowars-shop.stores.yahoo.net/faofreprofba.html
 Paulson Feared Run On The Dollar: http://www.prisonplanet.com/paulson-feared-run-on-the-dollar.html
 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
 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
 Stephanopoulos: Paulson Fears Deal May Collapse: http://www.prisonplanet.com/stephanopoulos-paulson-fears-deal-may-collapse.html
 Paulson: 25% unemployment rate without AIG bailout: http://www.prisonplanet.com/paulson-25-unemployment-rate-without-aig-bailout.html
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