Feb 28, 2008

Henry Paulson on bailouts

"I'm seeing a series of ideas suggested involving major government intervention in the housing market, and these things are usually presented or sold as a way of helping homeowners stay in their homes. Then when you look at them more carefully what they really amount to is a bailout for financial institutions or Wall Street." The secretary added one caveat: "It would be imprudent not to have contingency plans, but we are so far away from seeing something that would have me calling for a bailout that I don't see it."

~ Henry Paulson, Treasury Secretary, "Paulson Dismisses Mortgage Rescue Plan," The Wall Street Journal, February 28, 2008

No comments: