Word: paulson
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Dates: during 2000-2009
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...there are methods of communicating risk in a way that stills the heart, with words that inject dread into the populace. And Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke and President George W. Bush used none of them. "The case wasn't made as to why the little guy needs this," says Paul Slovic, author of The Perception of Risk and a psychology professor at the University of Oregon. "The numbers and vague warnings are too abstract...
...exactly, is this bailout supposed to 'save' credit markets? Not entirely clear. Paulson and Bernanke described it as a way to jumpstart trading in mortgage securities for which there's no market at the moment, thus allowing banks to clean up their balance sheets and get back to lending. But a lot of economists outside government believe that the real problem is that lots and lots of financial institutions are insolvent--their losses, if they actually recognized them, are enough to wipe out their capital reserves. If that's true it would make more sense for taxpayers to give them...
...news right now is the difficulty in unity on the bailout bill. How would you characterize it? There was a big meeting between the Speaker of the House and the leaders of Congress on both sides and Ben Bernake and [Henry] Paulson. They came quickly to terms with the problem and its dimensions. And they came quickly to the decision that they were going to have to do something. I think what happened in the days since is telephones began to ring. And they were calls from the American people saying, 'Whoa, I don't see this...
...experts are right, the nation now risks great financial hardship, because there was no one to stand up and explain the situation. The Dow Jones industrial average dropped 778 points on the news. Treasury Secretary Hank Paulson warned Monday afternoon that car loans and student loans were likely to tighten. Other economists have warned of the possibility of widespread corporate failures and unemployment, if the short-term credit markets freeze up. Bank failures, or mergers, are likely to continue. The taxpayer costs of federal insurance on deposits could increase...
...worst-case scenario, economic historians may find that all of Paulson's predictions come true, leaving the cost to the Federal Government far greater than the risky $700 billion investment in the private sector. If this comes to pass, the historians will find many people to blame: Paulson and President Bush for failing to explain the plan better. The House leadership for failing to whip enough votes. Even the presidential candidates for failing to use their bully pulpit to force the issue...