Skip to: Content
Skip to: Site Navigation
Skip to: Search
Newser - Current News - Breaking Stories

SPONSORED NEWS ARCHIVE

SECRETARY OF TREASURY HENRY M. PAULSON JR. DELIVERS REMARKS ON FINANCIAL RESCUE PACKAGE AND ECONOMIC UPDATE

Article from: Political Transcript Wire Article date: November 12, 2008

SECRETARY PAULSON DELIVERS REMARKS ON FINANCIAL RESCUE PACKAGE AND ECONOMIC UPDATE, AS RELEASED BY THE TREASURY DEPARTMENT

NOVEMBER 12, 2008

SPEAKER: SECRETARY OF THE TREASURY HENRY M. PAULSON JR.

[*] PAULSON: Good morning. I will provide an update on the state of the financial system, our economy, and our strategy for continued implementation of the financial rescue package. The actions taken by Treasury, the Federal Reserve and the FDIC in October have clearly helped stabilize our financial system. Before we acted, we were at a tipping point. ...

Read the rest of this article with a Free Trial at HighBeam Research.
Newser gathers stories from across the web and packs what you need to know into about 120 words.
Check out these stories related to your search. Visit our grid for the latest news.

Paulson: Plan Still Leaves Taxpayers at Risk

Posted Sep 21, 08 10:55 AM CDT in US,  Business 

Paulson: Plan Still Leaves Taxpayers at Risk
Source: AP Photo

(Newser) – Treasury Secretary Henry Paulson, knee-deep in negotiations to save the floundering US finance industry, had a grim warning for Americans today: “There are no guarantees, and the taxpayer is at risk,” Paulson told Fox News Sunday, adding, “The concern I have is for the American people and the economy”—and Wall Street isn’t totally safe either.

“We're not doing this to protect our financial institutions in and of themselves,” he said. But the Treasury secretary noted that while Washington will spend $700 billion to buy devalued mortgages, it will recoup much of its initial investment by reselling the assets. “I hate the fact that we have to do it,” Paulson said, "but it's better than the alternative.”

Source: Politico

More about:  bailout • Henry Paulson • Treasury Department • Washington • financial institutions • taxpayers

MORE RELATED NEWSER STORIES
ANALYSIS

Can Their $700B Rescue
Plan Do the Trick?

Experts say action is needed, but doubt if it will be enough

New York Times New York Times Sep 21, 08 1:49 PM CDT
(Newser) - Forget white and blue: Uncle Sam is all red these days after swallowing hundreds of billions in bad mortgages and coughing up billions more to save strapped businesses. As the Feds strategize a solution to the mess, experts are unsure if the plan will work and how much it’ll cost taxpayers, Peter Goodman notes in the New York Times , though there "is wide agreement that a broad intervention is necessary." More »

More about:  bailout • subprime crisis • Henry Paulson • Treasury Department • Washington • credit • financial institutions

Obama Stimulus Plan Balloons
to $500B

Paulson, too, mulls more aggressive action, tapping bailout funds

Wall Street Journal Wall Street Journal Nov 24, 08 10:50 AM CST
(Newser) - Barack Obama’s financial team is constructing a $500 billion stimulus plan that it hopes to rush through Congress early in 2009, the Wall Street Journal reports. Obama would sign the bill, which is far more ambitious than anything discussed during the campaign, almost immediately after his inauguration. “This is an extraordinary time,” an aide said, “and extraordinary responses are needed.” More »

More about:  Barack Obama • Financial Crisis • President Obama • bailout • Henry Paulson • Treasury Department • economic stimulus • stimulus package • Troubled Asset Relief Program • economic policies

ANALYSIS

 Bailout Flip-Flop 
 Diminishes Paulson 


Bloomberg Bloomberg Nov 13, 08 7:54 PM CST
(Newser) - Henry Paulson’s recent about-face on his plans for the $700 billion bailout do not bode well for his legacy, write Bloomberg's Rebecca Christie and Matthew Benjamin. Perhaps most damaging is not the change of mind, but what it says about his initial plans. “This is a flip-flop,” one observer said, “but on the other hand, when they first proposed the thing, they didn't really know what they were doing.” More »

More about:  bailout • Bush administration • credit crisis • Wall Street • Henry Paulson • Treasury Department • flip-flop


Other Business Stories