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Posts Tagged ‘Henry Paulson

Bush signs historic bill. “well, ok, if it really means so much to you,” says Congress.

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Washington, D.C., October 3rd, 2008, (Reuters).- With the economy on the brink of meltdown and elections

Bush signing the bailout bill with BIG LETTERS so as it's clear he did sign it.

Bush signing the bailout bill with BIG LETTERS so as it's clear that he did sign it.

looming, a reluctant Congress abruptly reversed course and approved a historic $700 billion government bailout of the battered financial industry.

“This is just exaclty how taxpayer’s money should be spent, in only supa-dupa necessary expenses like this,” said Bush as he signed the bill with his $10,000 dollars Montblanc pen.

“We have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country, we saved our CEOs” Bush said shortly after the plan cleared Congress, although he conceded, “Our economy continues to face serious challenges. For example, private swimming pools are still not tax deductible.”

The 263-171 vote capped two weeks of tumult in Congress and on Wall Street, punctuated by urgent warnings from Bush that the country confronted “the gravest economic disaster since the Great Depression if lawmakers failed to act.”

“I have no idea how this happened, but we either spend billions on this bailout, or the American taxpayers and citizens could end up losing a lot of money.”

The rescue didn’t stop the Dow Jones from dropping 157 points. In addition to that, the Labor Department said earlier in the day that employers had slashed 159,000 jobs in September, the largest cut in five years.

“Let’s not kid ourselves: We’re in the midst of a recession. But it’s necessary to avoid a recession.” said Rep. John A. Boehner, R-Ohio, the minority leader, as he prepared to cast his vote for the most sweeping federal intervention in markets in decades.

Treasury Secretary Henry Paulson pledged quick action to get the program up and operating. “We can’t have bankers go without purchasing power for Xmas presents this holiday season,” he commented.

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Paulson: Bush right on Wall Street `hangover’ quip

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At a fundraiser in Houston, Bush declared "Wall Street got drunk and it got a hangover. In fact the American economy is like a drunk; irresponsible, full of bravado and indulging in reckless spending.

At a fundraiser in Houston, Bush declared "Wall Street got drunk and it got a hangover. In fact the American economy is like a drunk; irresponsible, full of bravado and indulging in reckless spending.

Beijing, China, August 10th, 2008, (Reuters).- Treasury Secretary Henry Paulson said “absolutely there’s a lot of truth” to President Bush’s comment that Wall Street “got drunk and now it’s got a hangover,” in understanding the current economic climate.

“It’s actually very, very simple. See, in terms of Wall Street, there was too much leverage in the system and more leverage than was appropriate and more than people recognized, because the leverage came into the system in the form of highly complex, structured products, which were difficult to understand,” Paulson said. “So there was excess leverage, excess complexity. See, I told you it was very simple,” he ended.

Paulson also offered a 218-page simplification blueprint for overhauling regulation of the nation’s financial system by reducing government expenses. The plan would create three super agencies with power over the financial industry and would involve the construction of 9 goverment buildings, the purchase of 56 government cars and the hiring of 29 government officials’ bodyguards.

“We sized that program to say, `How could we do something that will be meaningful this year but not so big that it would jeopardize some of our long-term priorities and our fiscal priorities in balancing the budget?’ So again, my view would be to reduce trivial and unnecessary government expenses,” stated Paulson from Beijing, where he, president Bush and several other US government officials are on taxpayer-funded vacations, watching the games and visiting tourist destinations.

Written by Flippyman

August 11, 2008 at 5:57 am