Word: paulson
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Dates: during 2000-2009
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...initial premise of TARP, which was sold to Congress as a loan program that would be mostly paid back to the Treasury, where its proceeds would be used to pay down the deficit. "The $700 billion program we have proposed is not a spending program," former Treasury Secretary Hank Paulson explained before Congress in September 2008. It didn't take long for Republicans to take that position. "The stimulus money clearly was a spending bill. TARP was a loan - a loan to be paid back. And we know that a number of the banks are, in fact, paying it back...
...risk. A year ago, officials at the Treasury Department and the Federal Reserve didn't think letting Lehman go bankrupt would be a disaster. Those same officials have since argued that the law gave them no choice. But it's also clear that the authorities--then Treasury Secretary Hank Paulson, in particular--didn't want to intervene. The Fed and Treasury had taken a lot of flak for their earlier bailouts of Bear Stearns, Fannie Mae and Freddie Mac. It was time to let the market work...
...obvious that we need such a drastic overhaul now, but the contrast with the 1930s is stark. Ironic, too. By leaving financial markets alone, Mellon and his kindred spirits at the Fed ushered in an economic collapse that led to permanent government intervention in the financial sector. By intervening, Paulson and his kindred spirits at the Fed seem to have headed off a re-enactment of the New Deal...
...with 1930s are stark. Ironic, too. By following their belief that financial markets should work out their own problems, Andrew Mellon and his kindred spirits at the Fed triggered a financial collapse that more or less ensured major, permanent government participation in the financial sector. By intervening aggressively, Hank Paulson and his kindred spirits at the Fed haven't quite ensured a continuation of the status quo - some reforms will come, and banks and their regulators will tread more gingerly for at least a few years - but they do seem to have headed off a re-enactment...
...would not call AT&T or American Airlines banks. When asked about AIG, Geithner said the government didn't legally have the option to pay less than 100 cents on the dollar to its counterparties. In the past year, many people have criticized Geithner and former secretary Henry Paulson for allowing AIG to pass along much of the money it received from the government to Goldman Sachs and other investment banks. Geithner was also asked whether he thought the government's bailout efforts, which have actually allowed a number of banks like Bank of America, JP Morgan Chase and Wells...