Skip to comments.Paulson: 25% unemployment rate without AIG bailout
Posted on 01/27/2010 10:29:42 AM PST by Cheap_Hessian
WASHINGTON (MarketWatch) - Facing criticism on Capitol Hill, former Treasury Secretary Henry Paulson on Wednesday defended his decision to complete a $182 billion bailout of American International Group Inc., arguing that the unemployment rate would have risen easily to 25% without the bailout. "If the system had collapsed millions more in savings would have been lost," said Paulson, who was Treasury Secretary at the time of the bailout, at a hearing.
(Excerpt) Read more at marketwatch.com ...
Big whoppers being told today! Can’t wait to see Obama tonight telling whopper after whopper!
What a steaming pantload
Crook. Criminal. Thug.
It is already there. Forget AIG, that is BS.
Only 25 percent? Why didn’t he say 40 percent, that would’ve been much more believable.
Does anyone else get the feeling these guys are pulling numbers out of their collective anal orifices?
Formal criminal investigations of all these idiots would be prudent and do wonders.
Paulson is a liar, too boot, among a few others, like Geithner, Bernanke, etc., etc., etc.
The AIG bailout was the channel for the true bank bailout. The banks received full face value for devalued, unmarketable securities that were worthless, or near worthless.
The TARP funds were “loaned” to the banks as payment for the issuance of preferred stock, much of which has been called by the banks (check out their balance sheets), and the funds repaid by the banks to the Treasury - not that it matters much, because that money will now be diverted to shoring up Fannie Mae and Freddie Mac and their remaining portfolio of bad loans.
The government causes the problem (CRA, Acorn), enables the issuance of sub-prime mortgages (45% of FaM and FrM’s portfolio, while creating the security packages), and now “fixes” the problem. What a circle-jerk.....
Is this National Crook Day?
Paulson, Geithner, Obama
Now I know where the term “shovel ready” comes from.
The REAL unemployment rate is probably close to 25% now. If not now, soon.
You have it right.
The biggest knock against the bailouts was that they over did it. Raising FDIC to $250 thousand and guaranteeing money market paper was enough to stem the tide of bank runs. Everything else was overkill to the extent of free money to cover bad bets/debts.
Convert investment houses to banks for Treasury handouts, mission now accomplished they want to change back after unloading worth-less paper at par to the taxpayers.
I don’t know what Paulson is talking about, we are already near 25% unemployment (Check shadowstats.com).
Hearings are all for show anyway. Congress granted Paulson’s wish list plus immunity along with their own earmarks.
Good grief it’s already 22%! No that’s not the number being ‘reported’, but that is the number.
And now add thousands and thousands of haitians....
And let’s not forget the 6,000 Somali’s being flown here....
Paulson a former Goldman Sachs exec...why do I not believe a lying word the man says?
It reminds me of a friend who bragged about his dear whistle on his car. The deer whistle was supposed to scare away deer so you would hit them with the car. It was silent to humans.
He finally hit a deer and it not only destroyed the car but the deer whistle also. When he got the new car he installed a new deer whistle. When asked why he stated that he only hit one deer by using the whistle, image how many he would have hit without it!
Not to mention the guy is a huge global warming huckster. Guy has been pro eco-fascism for over a decade.