facebook
twitter
rss
account
search
search
 

Hank Paulson: Recession could have been worse

Sept. 15, 2013 at 2:49 PM   |   Comments

WASHINGTON, Sept. 15 (UPI) -- Former Treasury Secretary Hank Paulson said Sunday the financial crisis in 2008 could have been as bad as the Great Depression.

Five years after Paulson and Federal Reserve chairman Ben Bernanke launched a taxpayer bailout of financial firms, Paulson acknowledged that the bailout "was very unpopular."

"We never made the cause -- I was never able to make the case -- that what we did was for the American people, to prevent economic disaster," he said in an appearance on NBC's "Meet the Press." "It wasn't for the bankers."

Meanwhile, Paulson said, the United States is likely to have another financial crisis in the future.

"That's the history of mankind; as long as there are markets, there will be crises. Most of them have been manageable," he said.

Right now, he said, it's time to "clean up our messes" by reforming mortgage lenders Fannie Mae and Freddie Mac. The federal government took control of the lenders as part of the 2008 bailout, and now Congress is debating whether to reduce taxpayer support for them or sell them.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Texas cheer coach Ashley Zehnder faces sex charge for sleeping with a student and sending nude sexts Texas cheer coach Ashley Zehnder faces sex charge for sleeping with a student and sending nude sexts
2
Several dead babies found in Winnipeg storage unit Several dead babies found in Winnipeg storage unit
3
Boy hunter, 11, shoots rare albino deer with crossbow Boy hunter, 11, shoots rare albino deer with crossbow
4
Missing college student Connor Trapatsos spotted on surveillance video Missing college student Connor Trapatsos spotted on surveillance video
5
Passenger at Newark Airport being tested for Ebola Passenger at Newark Airport being tested for Ebola
Trending News
Around the Web
x
Feedback