Fighting the Financial Crisis, One Challenge at a Time-- Paulson's Op-Ed

[Idealism]

Source: New York Times

WE are going through a financial crisis more severe and unpredictable than any in our lifetimes. We have seen the failures, or the equivalent of failures, of Bear Stearns, IndyMac, Lehman Brothers, Washington Mutual, Wachovia, Fannie Mae, Freddie Mac and the American International Group. Each of these failures would be tremendously consequential in its own right. But we faced them in succession, as our financial system seized up and severely damaged the economy.

By September, the government faced a systemwide crisis. After months of making the most of the authority we already had, we asked Congress for a comprehensive rescue package so we could stabilize our financial system and minimize further damage to our economy.

By the time the legislation had passed on Oct. 3, the global market crisis was so broad and so severe that we needed to move quickly and take powerful steps to stabilize our financial system and to get credit flowing again. Our initial intent was to strengthen the banking system by purchasing illiquid mortgages and mortgage-related securities. But the severity and magnitude of the situation had worsened to such an extent that an asset purchase program would not be effective enough, quickly enough. Therefore, exercising the authority granted by Congress in this legislation, we quickly deployed a $250 billion capital injection program, fully anticipating we would follow that with a program for buying troubled assets.



Read more: http://www.nytimes.com/2008/11/18/opinion/18paulson.html?_r=1

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I'm not buying the strides he claims they have made. Will await further proof

[ccinamon]

1. so...Paulson....you and your ilk caused this mess....

you ready to accept the fact that trickle-down theory DOESN'T work, has NEVER worked, and that it really is a means to piss on those who don't have your connections to make millions?

Simple fact you freakin' moron....not everyone can be a millionaire...there isn't enough money....if you want to STAY a millionaire, then your "investments" need to be successful...outsourcing jobs and paying minimum wage does not a long-term successful strategy make.....dipshit.

Get your head out of your ass you traitorous cretin...

[fasttense]

2. He writes this article as if the economic crisis came out of nowhere,

as if his cronies' deregulation of financial institutions wasn't the cause, as if his Republicon party and their "free" market crap hadn't set the stage for disaster, as if no one warned this would happen if corporations shipped most US jobs out of the country, as if his Republicon party hadn't done this before with the Great Depression, as if he and his lying buddies were Not responsible for all this mess.

Poor little Paulson. He didn't know this would happen. He's just trying to help things. The best help he could give now is to get out of the way.