Except that he probably didn't lose any sleep over the average American not finding milk on the supermarket shelves. His portrayal in the movie was way too favorable.
I wonder if people that experienced the 2008 crash had it easier because this market conditions are driving me to insanity, my portfolio has lost over $27000 this month. alone my profits are tanking and I'm don't see my retirement turning out well when I can't even grow my stagnant reserve.
Very true, a huge part of my portfolio growth has come during this market. I've been able to scale from $180K to $572K in a short period of time. I basically was just following the steps and guideline from my financial advisor. as long as you've professional help, you're good to go
Marisa Michelle Litwinsky’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
The thing is why Americans letting people like Hank, Richard Fuld, Alan Greenspan get away without any consequences instead most of them got away with a huge amount of compensation? It’s ironic that most Americans own guns but already forget to use them to fight against their master.
@@randual123 because it's not their fault. It's all American fault. Read the 1992 Housing and Community Development Act. You can't deny a person to get a mortgage. Otherwise the government will fine you. That's a starting point of the NINJA (no income, no job, no asset) mortgage default. The rest of the crisis is a domino effect. Who wrote that? The Congress Who voted them? You know who.
@@saltymonke3682 Oh really, so they are not allowed to reject it when the total money they lend out exceeds the market capitalization of that bank? Seriously, no law would be that stupid. Mortgages are rejected all the time, it's called a credit report, the only reason why the bank kept loaning money that they know will not be paid back is because they are making more money selling them as mortgage bonds. Keep living in your fantasy where multi-billionaires are forced by the government to lose money.
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He was the one who caused the crisis. He was CEO of Goldman Sachs from 1998-2006. During that time they created the CDO's which made terrible Mortgages that were for sure not going to be paid, and packaged them to make them AAA investments. Those AAA investment packages were sold to retirement funds around the nation as secure investments, when in reality they were a package of the riskiest loans you could possibly find. He then used AIG to purchase insurance on those extremely risky loans which AIG did because they were rated AAA. When all of those loans went bust AIG was forced to pay the insurance claim to Goldman Sachs, which they could not afford, and they had to file for bankruptcy. By the time they filed for Bankruptcy it was 2 years later and now Hank worked as the Secretary of Treasury where he forced the government to buy out AIG and then forced AIG to pay Goldman Sachs the insurance money even though it was found out that Goldman Sachs knew they investments were more than risky and Goldman Sachs was corrupt and looking for the easiest pay day of their lives, that they created. All of this corruption happened under one single man. Hank Paulson. The reason he stayed was to make sure his plan went his way and all of his friends that he made over his entire professional career would not lose their jobs, and they would get paid billions... Just like he did. I'd love to hear what is mean about what I said. I am speaking facts that he is extremely corrupt and was the mastermind behind the 2008 financial crisis. He will never admit that, rather he will say he and everyone involved were too stupid too realize that AIG would never be able to pay back billions in insurance on faulty loans.
@@benpeterson1238You’re making it sound like everyone except Hank was a total idiot. Goldman doesn’t give mortgages so a different bank (or many banks) made these bad loans. All Goldman did was buy them, package them and sell the packages. Goldman didnt rate them AAA, didn’t force anyone to buy them, didn’t lie about what was in them. Heck, they didn’t even set the price… the market did. A basic role of a market maker. Nor did Goldman put a gun to AIG’s head and force it to write the credit default swaps through their nose. AIG had a CEO didn’t they? And most importantly, Goldman didn’t force anyone to use 40x leverage, which is what caused the biggest problem. Hank didn’t leverage Goldman 40x when he ran it, nor did Blankfine in 2008. So yeah they benefitted but it’s not like Hank not being CEO of Goldman would have prevented the crisis.
There was 0 legal talk about a Lehman rescue being illegal, nor was there any talk of it being a huge disaster. In fact, in the Fed meeting on on Sept. 16, 2008, the day after Lehman's failure, there was talk about how the Fed had done a good job of holding the line against moral hazard. The idea that Paulson or Bernanke or Geithner knew about the consequences of Lehman's failure but simply had no authority to act only came up a couple of weeks later. All of this is documented in the FCIC report.
Tough decision. What did this stupid old man put on the line. He is almost a billion from leading Goldman for 20 years prior. He was large part of the problem. Read more than that stupid movie.
People need to realise just how much unimaginable pressure this guy was under to prevent a total global meltdown. There will always be those that say he sold out to the big banks, and even he admits he was torn between punishing the big banks for their arrogance versus saving the economy, but I believe his actions prevented a far worse catastrophe.
@@waffle_burger8499 he's the hero and a villian because he also started the crysis with no regulation to limit the leverage that banks have built. He as the ceo of the goldman sachs bought billions of CDOs and goldman sachs also bought a lot of insurance from aig causing them to literally explode with debt.
You mean the same guy who was CEO of Goldman Sach 2 years prior to the Housing Crisis? The same guy that was CEO since 1998 and over saw the creation of CDO's and the Derivatives to bet against them using AIG's insurance bonds that ended up collapsing the economy? The same guy that got to cash out $600 million from the stock market tax free? The same guy that forced the Government to take over AIG and pay out 100 cents on the dollar to Goldman Sachs for their illegal insurance bonds against the housing market? The same guy that knew exactly what he was doing and knew his homies and politicians would get paid billions in fees while their banks are failing underneath them? Crazy how well he did under all of that pressure.
@@benpeterson1238 Now you can see the power one can get if you are in the right place at the right time. Long story short: please be careful with adjustable rates. I would advise you to learn economics and study the markets so you don’t make those bad decisions.
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And that’s why we are still in the same boat. nobody went jail and not one homeowners mortgage was bailed out. They held the entire economy hostage and still do and yet you applaud them smh.
no. look at the loan he accepted. one thing is him commiting fraud. but the loan was designed to bet on greece's economy failing as interest would raise as time went by
But reforms in the financial system such as no to predatory lending, bundling rated assets that are too fragile and an oligopolistic market for big banks must be implemented.
tarik berair agreed, but the market is a living, breathing beast. What’s good one day is disastrous the next. Money rules but hindsight is powerful . Studying this crisis for years now, I truly believe Mr. Hank here did the right thing. Still agree with your comment👍🏼
@@7864cwebb The rules only failed because they were removed. The last bit of regulations to prevent the great recession from repeating itself were removed in the 2000s. And within 10 years, we were in another great recession. Basically, once living memory of the great recession and the events leading up to it died, the next generation of bankers removed the regulations that stood in their way unopposed.
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To understand market structures. If banks were a competitive market, then intervention isn’t necessary because markets will stabilize. The fact that banks are an oligopoly, the sector is not competitive. Thus the application of “competitive market” and “no regulation/intervention” fails. If you studied above intro to macroeconomics, you would learn that different types of markets require different policies. For the present day, the US either need to to break up the banks or risk bailing them out again on the next crisis. No getting around the moral hazard.
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I hold the highest respect for this man and what he had to do. Imagine the pressure of not only having to save America's financial system, but bearing the weight of the GLOBAL economy on your shoulders as well. Kudos to you Mr. Paulson.
@@austinschweitzer6013 You realise he is massively to blame for the situation? He was a Goldman CEO who voted to increase the legal amount of leverage a bank could use on riskier derivatives…
@@Kyle_P2022 Still doesn't change the fact that he did what he did in office. Given the time constraints, the pressure, and battling Congress, what he and his team accomplished was pretty impressive.
@@Kyle_P2022 What Paulson was facing at the time have far reaching implications. What is he gonna do? Let the Economy fall? Whatever he could do at the time would very certainly be unpopular. Seriously. Wake up.
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In 2022, the 2008 financial crisis not only looks smaller (treasury spent $439B only, compared to trillions in 2020-22), but I am by now not sure anymore that Paulson did the right thing. I fully understand that it is easy to criticize the gov after 14 years for that but I believe, today, that the party would have not ended if a few big banks would have failed, including Fannie. We see such a modern experiment currently in China where the Chinese gov is reluctant regarding Evergrande and other real estate banks. The Chinese gov supports Evergrande but not financially, and not in the way the Bush and Obama administration did it. The most staggering consequence of the financial crisis in 2008 is that the Obama administration ballooned our debts, so was it worth it? It went from ~60 % when Obama took office, to over 100 % of the GDP when he left office, and the US GDP grew at the same time too. So, was this insane amount of trillions of USD worth it? Because the next president, Trump, decided to do the same and blew the US debt even further. Then came COVID, and now it's like nobody cares anymore. Yet, the annual expenses are insane -- we are talking about trillions and trillions of USD for all kinds of bureaucratic policies and national emergency programs. What I am trying to say is: There are times of crisis. But maybe Paulson made a mistake when he allowed making it common to over debt our country in such an extreme way, bipartisan, instead of letting a few banks die -- because a national debt of > 120 % is not a problem of a single president, or the treasure department, or CNBC, but of the generations that follow us, our children.
I think that Paulson did do the right thing but Bernanke is the one who gets too much credit. Why was Paulson the one who walked out but Bernanke got a Nobel Peace Prize? And for what? For raising rates so millions of homeowners would default on ARM loans as well as misleading the American people that everything was ok at every point? Paulson never misled America. He was always an honest man and I’m not a republican but I do have to say he was genuine. Bernanke lied at every point. I do also understand that bailing out big banks was needed to save the financial system because of cash flow and liquidity. However, we should have stopped there. Japan now exclusively buys its own debt. The central bank is selling their assets at a loss. Like, who’s paying this back? Why did we need to institute a bond buying program and pump so much cash into the economy? And why is no central banker going to jail over their conflicts of interest? This is madness in a first world country.
You should watch "Inside Job" from 2010. It gives you the real story, not the story from the people who got paid billions during the biggest financial recession since WW2.
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So let me get this straight. You went to talk to Bush about entitlement reform (ie rolling back social security benefits) and instead you brought up how to limit the "excesses" on wall street. As an ex CEO of Goldman, I find that hard to believe.
@@yashk246 15.3B? Good deal? What are you smoking? The economy tanked and the US racked up trillions in debt / pensions and private saving demolished but yes, TARP eeked out a 15.3B "profit", equivalent to a year in bonuses to the board of the major banks. Also I find it odd that you call it "saving" the economy, when the banks caused the crash. We then got Dodd Frank in a democrat congress and it only took 8 years to roll back by a republican. Now with covid the same thing is going on. Blackstone is now running the whole bailout which I am sure the average working class american is feeling great about especially when there is so little visibility into how the money is being spent. The whole point is that people are sick of the republican corporate socialism plan that is still going on and how financial engineers make as many multiples more than real engineers who aren't causing the economy to crash. But hey, what do I know, the DOW is at 28.5. I'm sure the average americcan is doing just fine and debt won't be a big deal.
@@doresearchstopwhining You've got a few facts wrong. The TARP was enacted in around October and after that, the economy bounced back. Because the money given to the banks propped up lending there was economic growth but you can just scream that it was the bank's faults when it was the dumb homeowners fault to be exact. The reason that these so called 'financial engineers' make more than real engineers is because they are smarter and make more money in profit for their companies. I think you're jealous.
@@yashk246 Dumb homeowners? Some were for sure. But I would say even dumber financial engineers. Leveraging 33:1 is criminal stupidity but we both know it was fraud that allowed that to happen. Real engineers don't regularly commit crimes like this. And then you have the audacity to say that it was the homeowners fault when they consumed the fraudulent products the the financial engineers created?
All he did was kick the can down the road. The US is now in $21.5 trillion of debt, this debt is spiraling out of control and will eventually lead to far greater problems than would have happened in 2008.
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Ben Bernanke, Timothy F. Geithner, Hank Paulson, Robert Rubin, Alan Greenspan..These are my heroes these days preparing for the central bank. Obsessed with central banking, with monetary policy, with interest rates. A few points up in the interest rate and boom the economy changes
Give me an unlimited check book and I will solve any financial problem! The every day joe paid the price for the crisis. The problem with America is that we praise the ones who created or reacted to the mess and we ignore the brilliant people who saw this coming. It's the skill-less leading the clueless!
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Please correct me if I'm wrong, but it sounds to me that Paulson said to Bush, you better buy all our debt if you want to avoid an "even bigger" financial crises. What happened to Bush? Can't think of a better time to say his famous phrase: We don't negotiate with terrorists.
Was this question/answer session even real? It seems the bits don't add up. Is boy wonder even talking to Paulson? It feels to me Paulson's dialogue is being hijacked. Is this site even credible?
His last line: “wasn’t for wall street it was for the people” why TF did the people bail out wall street and not one of the big crooks were held accountable?? What about the debit crisis now?! 3X more than 2008.
You're naive... I would've loved to see Wall Street prosecuted, but it was more important to inject the market with capital to save your ass down the line. You have sacrifice short term gains for long term goals my friend.
"I don't see that leading to a crisis anytime soon" with the latest inverted yield curve, I have a feeling that soon I'm gonna look back at this interview with irony
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The banks paid back the TARP amount with an extra 15 billion for the taxpayer. It also saved the economy. It was a damn good deal. Like this comments so that uneducated people realise that the banks paid their debts.
And the banks refused to take the money willingly as it would be regarded as a sign that they are getting bailed out in the eyes of the market, which would rally their stock down
As I recall he used to work for Lehmans arch rival Goldman Sacks......... If he had saved Lehman, Bear Sterns etc..... the panic could likely have been avoided.... instead he helped some and not others.... Wall St wasn't sure what was going to happen ...Wal St. dosn't like this live of uncertainty ... ie we got a panic...!
I agree to an extent, but it seems like the reason people involved didn’t go to jail is because they weren’t necessarily commuting anything against the law, which is a food for thought,
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So you admit that all the CEOs were lying about their strength to investors until they knew they needed a bailout and they were too big to fail. Why haven't we seen any investigations into these crooks?
When he says "They though the Government was going to take on the bad debt".... He means... "The hard working, tax paying people of the United states were going to take on the bad debt".....
I think theoretically it's good but the reality is that it would cause more chaos because the banks has their hand in so much thing that it would bring everybody down.
There is such a thing as “moral hazard” as they explain in institutional economics. And this is it - the people who took the major risk with other peoples money, have harvested profits and nationalized losses, spreading those all over the globe - no were bankrupted down to zero nor put into jail. “ too big to fail”. And this exactly why they where taking this level of risk and leveraging as they knew they would be saved for government (I.e. taxpayers) money or money of the prisoner dilemma “lose-lose” rivals. This have created a precedent to even more riskier behavior for a future bigger crisis yet to come. Irresponsible behavior of the biggest players close to FED and American elite.
I know little of Paulson, but there is nothing in his nervous personal presentation which would calm markets, Wall Street, Congress, the public, or a heavily-sedated catatonic. They poor guy's a dang cocker spaniel.
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4ANewDeal he just kicked the can further down the road and further inflated the bubble. In less than two years we won’t be able to kick this can because it’ll be the size of an aircraft carrier.
I liked the suggestion someone made while this " robbery" was happening. Why not pay off the houses of anyone 50 and over, give them money to buy an American made car and retire. It covered all the bad. But the banks wouldn't get their bailout money.
I've just watched Sorkin's conversation with Geithner, where he asked the same question he does here (19:35), and what immediately struck me was how identical the beginning as well as the contents of Paulson's answer were to Geithner's, and I thought: of course, these guys, since 2008, have gotten all their answers straight to potentially embarassing questions, just to create, or at least strengthen, the story/myth that what happened and why in the rescue mission of late 2008 could and should not have been any different, including the justifications at the time - and now - for acting as they did. That is not to say they did NOT act in a relatively responsible and necessary manner, but it makes you think.
His first conversations going into the Secretary of Treasury post were about the excesses he saw in the financial sector. He said they had no authority to save investment banks. What the government does have is a self interest in preserving the system. They are less interested in the devaluation of true work (work not done by banks and investors) than they are in the preservation of the financial institutions the government relies on to grow tax revenues.
Yup. Financial institutions that go bankrupt due to malpractice are bailed out while schools that go bankrupt are left to fend for themselves. Nice going America. Make America Great Again yeah?
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U need to keep reporting on this financial crisis that's coming. I want to know where is all the debt going? There toxic debt that keeps been dumbed somewhere else... I want to know what's backing all the dollars out there if there's not enough Gold? Will the global debt come crushing down on us all?
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His actions are stupid in the first half with not bailing out Lehman and underestimating the markets response to its collapse but his actions in the second half was necessary evil, if they didn't conducted capital injection with the Tarp initiative and let people lose credibility to the banks and pull out investments, the modern economy of the world would have collapsed that day.
What is the benefit of allowing these banks to have so much unsecured liabilities? Just so they can make money? Here we are in 2021 and nothings changed. Gamestop was shorted 140% even though he said he was already looking into stopping 'shorting even before the 2008 crisis 😅😅🤣😂 He chose to stabilize the market...temporarily instead of persecuting those who created the situation. Now, we will have similar problems in the future because no politicians and normal people understand the market. We continue to be TRICKED AND MANIPULATED.
The UK 🇬🇧 didn't ever appreciate having Gordon brown as prime minister at the time in 2008 but him and Darling were awesome, Gordon brown would have smashed a hole through Fred Goodwin for his part and RBS. Brown was topman.
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I know of a powerful man who can help you bring your ex back in five seconds, he is the one who helped me bring my ex back I didn't think so. The man now told me the things I didn't even know about him. And he told me to get it right and I really found out what the man is telling the truth and now I'm giving it a try. It was then that he told me the items that I should buy and I used to pray for five seconds that if I did my ex would come back to me and I really did and I was surprised when my ex came back to me you can add it on Whatsapp if you want to be so happy like me Whatsapp him now (2349075047221 ..
Ok, it wasn’t for Wall Street, it’s for them, now explain the worries of people, will this thing happen again, too big to fail, national treasure helps some too big to fail, increase national debt again, isn’t national debt infect all people in this nation or not? God helps America, may this great nation be well!
![ลองสุ่มไอโฟน 990 โกงมั้ย? [ โกงมั้ยครับ ep.101 ] | DOM](http://i.ytimg.com/vi/bfsWe0j492k/mqdefault.jpg)
So basically the movie Too Big to Fail is mostly accurate.
More like 'The Big short'
Well it's based directly from the book of the same name written by this guy - Andrew Sorkin
Except that he probably didn't lose any sleep over the average American not finding milk on the supermarket shelves. His portrayal in the movie was way too favorable.
I think The inside job was much accurate
The banks paid back the TARP amount with an extra 50 billion for the taxpayer. It also saved the economy. It was a damn good deal.
I wonder if people that experienced the 2008 crash had it easier because this market conditions are driving me to insanity, my portfolio has lost over $27000 this month. alone my profits are tanking and I'm don't see my retirement turning out well when I can't even grow my stagnant reserve.
The mkt has gone berserk! regardless of experience level, everyone needs a sort of coach at some point to thrive forward.
Very true, a huge part of my portfolio growth has come during this market. I've been able to scale from $180K to $572K in a short period of time. I basically was just following the steps and guideline from my financial advisor. as long as you've professional help, you're good to go
How can I contact your Asset-coach as my portfolio is dwindling?
Marisa Michelle Litwinsky’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
We came so close to a DEPRESSION. An AIG bankruptcy would have taken down the entire financial system in a matter of hours
True
The thing is why Americans letting people like Hank, Richard Fuld, Alan Greenspan get away without any consequences instead most of them got away with a huge amount of compensation? It’s ironic that most Americans own guns but already forget to use them to fight against their master.
@@randual123 because it's not their fault.
It's all American fault. Read the 1992 Housing and Community Development Act. You can't deny a person to get a mortgage. Otherwise the government will fine you. That's a starting point of the NINJA (no income, no job, no asset) mortgage default. The rest of the crisis is a domino effect.
Who wrote that? The Congress
Who voted them? You know who.
We watch the same interview but go on
@@saltymonke3682 Oh really, so they are not allowed to reject it when the total money they lend out exceeds the market capitalization of that bank? Seriously, no law would be that stupid. Mortgages are rejected all the time, it's called a credit report, the only reason why the bank kept loaning money that they know will not be paid back is because they are making more money selling them as mortgage bonds. Keep living in your fantasy where multi-billionaires are forced by the government to lose money.
A lot of people love to hate this man but I truly believe he saved us
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Watch the Inside Job to learn some unknown facts!
@@tessypaul3118 scammer gtfoh
He saved Them, not US.
This man was one of the biggest pushers of deregulation
People can be so mean. He had enough money to just leave and ignore the whole crisis but he STAYED and took the heat. Brave and patriotic man.
He was the one who caused the crisis. He was CEO of Goldman Sachs from 1998-2006. During that time they created the CDO's which made terrible Mortgages that were for sure not going to be paid, and packaged them to make them AAA investments. Those AAA investment packages were sold to retirement funds around the nation as secure investments, when in reality they were a package of the riskiest loans you could possibly find. He then used AIG to purchase insurance on those extremely risky loans which AIG did because they were rated AAA. When all of those loans went bust AIG was forced to pay the insurance claim to Goldman Sachs, which they could not afford, and they had to file for bankruptcy. By the time they filed for Bankruptcy it was 2 years later and now Hank worked as the Secretary of Treasury where he forced the government to buy out AIG and then forced AIG to pay Goldman Sachs the insurance money even though it was found out that Goldman Sachs knew they investments were more than risky and Goldman Sachs was corrupt and looking for the easiest pay day of their lives, that they created. All of this corruption happened under one single man. Hank Paulson. The reason he stayed was to make sure his plan went his way and all of his friends that he made over his entire professional career would not lose their jobs, and they would get paid billions... Just like he did. I'd love to hear what is mean about what I said. I am speaking facts that he is extremely corrupt and was the mastermind behind the 2008 financial crisis. He will never admit that, rather he will say he and everyone involved were too stupid too realize that AIG would never be able to pay back billions in insurance on faulty loans.
@@benpeterson1238 Power. Simple as that.
He should have bc he had a hand in it 🤷🏾
@@benpeterson1238You’re making it sound like everyone except Hank was a total idiot. Goldman doesn’t give mortgages so a different bank (or many banks) made these bad loans. All Goldman did was buy them, package them and sell the packages. Goldman didnt rate them AAA, didn’t force anyone to buy them, didn’t lie about what was in them. Heck, they didn’t even set the price… the market did. A basic role of a market maker. Nor did Goldman put a gun to AIG’s head and force it to write the credit default swaps through their nose. AIG had a CEO didn’t they? And most importantly, Goldman didn’t force anyone to use 40x leverage, which is what caused the biggest problem. Hank didn’t leverage Goldman 40x when he ran it, nor did Blankfine in 2008. So yeah they benefitted but it’s not like Hank not being CEO of Goldman would have prevented the crisis.
There was 0 legal talk about a Lehman rescue being illegal, nor was there any talk of it being a huge disaster. In fact, in the Fed meeting on on Sept. 16, 2008, the day after Lehman's failure, there was talk about how the Fed had done a good job of holding the line against moral hazard.
The idea that Paulson or Bernanke or Geithner knew about the consequences of Lehman's failure but simply had no authority to act only came up a couple of weeks later. All of this is documented in the FCIC report.
This man deserves more recognition.
More recognition for causing the crisis 🤷🏾
@@haljordan4358 nah dude he was trying all he could to do the right thing. You can tell he cares from this video.
@@caleb7799 he was the main one for deregulation of the policies that created the crisis. It's not only his fault but he has a big hand into it
@@caleb7799just watch the film Inside Job. You’ll know what he did.
He's a legend and he has a great, great character.
After reading the book Too Big to fail, I respect him for taking tough decisions.!
26 trillion to banks
@@mikerice5298 had to be done
Tough decision. What did this stupid old man put on the line. He is almost a billion from leading Goldman for 20 years prior. He was large part of the problem. Read more than that stupid movie.
People need to realise just how much unimaginable pressure this guy was under to prevent a total global meltdown. There will always be those that say he sold out to the big banks, and even he admits he was torn between punishing the big banks for their arrogance versus saving the economy, but I believe his actions prevented a far worse catastrophe.
This guy is not a hero, stop embarassing yourself.
@@luvon1114 says the troll sitting on his computer in the basement sniping at people lol
@@waffle_burger8499 he's the hero and a villian because he also started the crysis with no regulation to limit the leverage that banks have built. He as the ceo of the goldman sachs bought billions of CDOs and goldman sachs also bought a lot of insurance from aig causing them to literally explode with debt.
You mean the same guy who was CEO of Goldman Sach 2 years prior to the Housing Crisis? The same guy that was CEO since 1998 and over saw the creation of CDO's and the Derivatives to bet against them using AIG's insurance bonds that ended up collapsing the economy? The same guy that got to cash out $600 million from the stock market tax free? The same guy that forced the Government to take over AIG and pay out 100 cents on the dollar to Goldman Sachs for their illegal insurance bonds against the housing market? The same guy that knew exactly what he was doing and knew his homies and politicians would get paid billions in fees while their banks are failing underneath them? Crazy how well he did under all of that pressure.
@@benpeterson1238 Now you can see the power one can get if you are in the right place at the right time.
Long story short: please be careful with adjustable rates. I would advise you to learn economics and study the markets so you don’t make those bad decisions.
Seems to me that Mr. Paulson tried hard to avert an even worse crisis.
a great depression
that was his job.
Seems that he wasnt big enough to get the job done.
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Ppl can complain about bailouts, but had they not acted, life as we know it would’ve stopped entirely. It was a necessary evil.
And that’s why we are still in the same boat. nobody went jail and not one homeowners mortgage was bailed out. They held the entire economy hostage and still do and yet you applaud them smh.
no. look at the loan he accepted. one thing is him commiting fraud. but the loan was designed to bet on greece's economy failing as interest would raise as time went by
But reforms in the financial system such as no to predatory lending, bundling rated assets that are too fragile and an oligopolistic market for big banks must be implemented.
“Once in every 75 years event” .... that’s for natural disasters, not man made banking crisis.
tarik berair agreed, but the market is a living, breathing beast. What’s good one day is disastrous the next. Money rules but hindsight is powerful . Studying this crisis for years now, I truly believe Mr. Hank here did the right thing. Still agree with your comment👍🏼
@@7864cwebb
The rules only failed because they were removed. The last bit of regulations to prevent the great recession from repeating itself were removed in the 2000s. And within 10 years, we were in another great recession.
Basically, once living memory of the great recession and the events leading up to it died, the next generation of bankers removed the regulations that stood in their way unopposed.
There are natural disasters every year. What are you talking about?
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To understand market structures. If banks were a competitive market, then intervention isn’t necessary because markets will stabilize. The fact that banks are an oligopoly, the sector is not competitive. Thus the application of “competitive market” and “no regulation/intervention” fails. If you studied above intro to macroeconomics, you would learn that different types of markets require different policies.
For the present day, the US either need to to break up the banks or risk bailing them out again on the next crisis. No getting around the moral hazard.
Yup in the 5000 privately owned banks in the United States 77 percent of them are owned by bigger more asset inducing banks
@@inigobantok1579 if one central bank falls, it’s going to be 2008 all over again.
The corona virus brought me here
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I hold the highest respect for this man and what he had to do. Imagine the pressure of not only having to save America's financial system, but bearing the weight of the GLOBAL economy on your shoulders as well. Kudos to you Mr. Paulson.
@@andred3299 How is an opinion "not true"? lol, go argue somewhere else Andre.
@@austinschweitzer6013 You realise he is massively to blame for the situation? He was a Goldman CEO who voted to increase the legal amount of leverage a bank could use on riskier derivatives…
@@Kyle_P2022 Still doesn't change the fact that he did what he did in office. Given the time constraints, the pressure, and battling Congress, what he and his team accomplished was pretty impressive.
@@austinschweitzer6013 Oh lord😅!
@@Kyle_P2022
What Paulson was facing at the time have far reaching implications. What is he gonna do? Let the Economy fall?
Whatever he could do at the time would very certainly be unpopular.
Seriously. Wake up.
I-I-I looted the American taxpayer to save the stock market and my Wall Street banker pals. You're welcome.
The ignorance in the comment section is the reason the fed exists
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You have been assimilated into the CSB (Comment Section Borg).
In 2022, the 2008 financial crisis not only looks smaller (treasury spent $439B only, compared to trillions in 2020-22), but I am by now not sure anymore that Paulson did the right thing. I fully understand that it is easy to criticize the gov after 14 years for that but I believe, today, that the party would have not ended if a few big banks would have failed, including Fannie. We see such a modern experiment currently in China where the Chinese gov is reluctant regarding Evergrande and other real estate banks. The Chinese gov supports Evergrande but not financially, and not in the way the Bush and Obama administration did it. The most staggering consequence of the financial crisis in 2008 is that the Obama administration ballooned our debts, so was it worth it? It went from ~60 % when Obama took office, to over 100 % of the GDP when he left office, and the US GDP grew at the same time too. So, was this insane amount of trillions of USD worth it? Because the next president, Trump, decided to do the same and blew the US debt even further. Then came COVID, and now it's like nobody cares anymore. Yet, the annual expenses are insane -- we are talking about trillions and trillions of USD for all kinds of bureaucratic policies and national emergency programs. What I am trying to say is: There are times of crisis. But maybe Paulson made a mistake when he allowed making it common to over debt our country in such an extreme way, bipartisan, instead of letting a few banks die -- because a national debt of > 120 % is not a problem of a single president, or the treasure department, or CNBC, but of the generations that follow us, our children.
why is the national debt a medium to long term problem and not a short term problem? Who do we owe this money to?
I think that Paulson did do the right thing but Bernanke is the one who gets too much credit. Why was Paulson the one who walked out but Bernanke got a Nobel Peace Prize? And for what? For raising rates so millions of homeowners would default on ARM loans as well as misleading the American people that everything was ok at every point? Paulson never misled America. He was always an honest man and I’m not a republican but I do have to say he was genuine. Bernanke lied at every point. I do also understand that bailing out big banks was needed to save the financial system because of cash flow and liquidity. However, we should have stopped there. Japan now exclusively buys its own debt. The central bank is selling their assets at a loss. Like, who’s paying this back? Why did we need to institute a bond buying program and pump so much cash into the economy? And why is no central banker going to jail over their conflicts of interest? This is madness in a first world country.
If he didn’t do what he did there I can assure you there wouldn’t be a future for the WHOLE of USA.
Love Too Big Too Fail and HBO for being known for making great movies like that. I’m thinking this Sorkin guy might have a bright future 😂
10,000 banks failed in the 1930s
You should watch "Inside Job" from 2010. It gives you the real story, not the story from the people who got paid billions during the biggest financial recession since WW2.
Looking like Bobby Ricky with those hand movements. Like it or not, this man saved the American and the world economy
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He and Tim geitner saved us
Go to 20:00 in this video, and you can learn all you need to know about this crisis and how the government works in general
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Silicon Valley Bank just collapsed in the largest U.S. banking failure since the 2008 financial crisis and the second-largest ever.
We’re screwed.
We've only just begun.
@@DavidAKZUnfortunately, you're right.
he sounds exactly like in the movie
The excesses in the financial markets that he helped to create as Goldman’s Sachs CEO…
Let’s face it - he let Lehman go down to make an example because Goldman and Lehman are sworn enemies. Paulson is a total crook
So let me get this straight. You went to talk to Bush about entitlement reform (ie rolling back social security benefits) and instead you brought up how to limit the "excesses" on wall street. As an ex CEO of Goldman, I find that hard to believe.
We all know he is lying, the Bush agenda never included entitlement reform anywhere.
The banks paid back the TARP amount with an extra 15.3 billion for the taxpayer. It also saved the economy. It was a damn good deal.
@@yashk246 15.3B? Good deal? What are you smoking? The economy tanked and the US racked up trillions in debt / pensions and private saving demolished but yes, TARP eeked out a 15.3B "profit", equivalent to a year in bonuses to the board of the major banks. Also I find it odd that you call it "saving" the economy, when the banks caused the crash.
We then got Dodd Frank in a democrat congress and it only took 8 years to roll back by a republican. Now with covid the same thing is going on. Blackstone is now running the whole bailout which I am sure the average working class american is feeling great about especially when there is so little visibility into how the money is being spent. The whole point is that people are sick of the republican corporate socialism plan that is still going on and how financial engineers make as many multiples more than real engineers who aren't causing the economy to crash. But hey, what do I know, the DOW is at 28.5. I'm sure the average americcan is doing just fine and debt won't be a big deal.
@@doresearchstopwhining You've got a few facts wrong. The TARP was enacted in around October and after that, the economy bounced back. Because the money given to the banks propped up lending there was economic growth but you can just scream that it was the bank's faults when it was the dumb homeowners fault to be exact. The reason that these so called 'financial engineers' make more than real engineers is because they are smarter and make more money in profit for their companies. I think you're jealous.
@@yashk246 Dumb homeowners? Some were for sure. But I would say even dumber financial engineers. Leveraging 33:1 is criminal stupidity but we both know it was fraud that allowed that to happen. Real engineers don't regularly commit crimes like this. And then you have the audacity to say that it was the homeowners fault when they consumed the fraudulent products the the financial engineers created?
What a horrible human being
All he did was kick the can down the road. The US is now in $21.5 trillion of debt, this debt is spiraling out of control and will eventually lead to far greater problems than would have happened in 2008.
Its already happening
13:05 they do it every time they vote on a military budget.
Paulson looked like he was conducting an orchestra with his hands. The entire times he was talking with his hands lol
Here we are in 2020 and things are again getting started !
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We have socialism for the rich, and capitalism for everyone else...
Private profits. Public losses.. great economic model.
*BMk'er*
But they paid back the TARP loans with interest netting a $15.3B profit for the taxpayer.
The banks paid back the TARP amount with an extra 15 billion for the taxpayer. It also saved the economy. It was a damn good deal.
"Privatize the profits. Socialize the losses" - Wall Street
Ben Bernanke, Timothy F. Geithner, Hank Paulson, Robert Rubin, Alan Greenspan..These are my heroes these days preparing for the central bank. Obsessed with central banking, with monetary policy, with interest rates. A few points up in the interest rate and boom the economy changes
Give me an unlimited check book and I will solve any financial problem! The every day joe paid the price for the crisis. The problem with America is that we praise the ones who created or reacted to the mess and we ignore the brilliant people who saw this coming. It's the skill-less leading the clueless!
What do you mean ? We have yet to pay the price when the financial system fails because of these people.
What happened to his left pinky finger... I just kept looking at his finger the whole time
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I know of a powerful man who can help you bring your ex back in five seconds, he is the one who helped me bring my ex back I didn't think so. The man now told me the things I didn't even know about him. And he told me to get it right and I really found out what the man is telling the truth and now I'm giving it a try. It was then that he told me the items that I should buy and I used to pray for five seconds that if I did my ex would come back to me and I really did and I was surprised when my ex came back to me you can add it on Whatsapp if you want to be so happy like me Whatsapp him now (2349075047221 .
Please correct me if I'm wrong, but it sounds to me that Paulson said to Bush, you better buy all our debt if you want to avoid an "even bigger" financial crises. What happened to Bush? Can't think of a better time to say his famous phrase: We don't negotiate with terrorists.
Bush didn't want to do it he was perfectly fine sending them to jail and taking over the banks
The man is nearly a billionaire.
"The British have screwed us" 😂😂😂
“I’m all things lead by example not explanation”
Was this question/answer session even real? It seems the bits don't add up. Is boy wonder even talking to Paulson? It feels to me Paulson's dialogue is being hijacked. Is this site even credible?
Nope
His last line: “wasn’t for wall street it was for the people” why TF did the people bail out wall street and not one of the big crooks were held accountable??
What about the debit crisis now?! 3X more than 2008.
Incredible that just one or two people went to prison.
astro24102 you’re right. Just one person who was a mid level employee.
He was the Treasury Secretary... not the AG. His job isn’t to prosecute
The banks paid back the TARP amount with an extra 15 billion for the taxpayer. It also saved the economy. It was a damn good deal.
You're naive... I would've loved to see Wall Street prosecuted, but it was more important to inject the market with capital to save your ass down the line. You have sacrifice short term gains for long term goals my friend.
"I don't see that leading to a crisis anytime soon"
with the latest inverted yield curve, I have a feeling that soon I'm gonna look back at this interview with irony
I know of a powerful man who can help you bring your ex back in five seconds, he is the one who helped me bring my ex back I didn't think so. The man now told me the things I didn't even know about him. And he told me to get it right and I really found out what the man is telling the truth and now I'm giving it a try. It was then that he told me the items that I should buy and I used to pray for five seconds that if I did my ex would come back to me and I really did and I was surprised when my ex came back to me you can add it on Whatsapp if you want to be so happy like me Whatsapp him now (2349075047221 ..
The banks paid back the TARP amount with an extra 15 billion for the taxpayer. It also saved the economy. It was a damn good deal.
Like this comments so that uneducated people realise that the banks paid their debts.
And the banks refused to take the money willingly as it would be regarded as a sign that they are getting bailed out in the eyes of the market, which would rally their stock down
This would be why Fuld called Buffet but Buffet turned down the offer.
You're asking a criminal who profited from and directed the 2008 disaster to comment on it as if he is an innocent? He should
be in jail.
500 mill tax free from his Goldman shares, AH the system works!
Marco Panzanni try 700 million
As I recall he used to work for Lehmans arch rival Goldman Sacks......... If he had saved Lehman, Bear Sterns etc..... the panic could likely have been avoided.... instead he helped some and not others.... Wall St wasn't sure what was going to happen ...Wal St. dosn't like this live of uncertainty ... ie we got a panic...!
Why did he refused an interview in the Inside Job documentary? 😂😂😂😂😂
Hahaha he love to bail out lol
I am fine with the bailouts it saved the economy I get it but why none of the people involved went to jail afterward is a mystery to me.
I agree to an extent, but it seems like the reason people involved didn’t go to jail is because they weren’t necessarily commuting anything against the law, which is a food for thought,
Damm he seriously sounds like William Hurt in the movie 😂
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Socialism for the rich Capitalism for the poor !!! "Too big to fail"
Actually your very wrong
Darrill Ruiz that statements wrong
Anyone complimenting this joke of a man is prob working for Goldman Sachs.
Interviewer looks like jim Parsons Sheldon Cooper
Gentlemen, would you like to come to my birthday party?
Is his left hand pinky broken
Oh you spocked that too brah rotflmfao
I was wondering the same thing!
Yes, so are his morals.
Rightfully so. The Government must never intervene with the free market. Unless - some smelly crap is going on.
Curious where all the regulators were not to beef up capital and deleverage the system.
"It makes it much harder for those who come after us, to do the things they're going to have to do" He just told EVERYONE ITS COMING AGAIN !
So you admit that all the CEOs were lying about their strength to investors until they knew they needed a bailout and they were too big to fail. Why haven't we seen any investigations into these crooks?
omg man, does someone need to get their panty liner changed?
Should have let it all go. Now the problem is much worse.
When he says "They though the Government was going to take on the bad debt".... He means... "The hard working, tax paying people of the United states were going to take on the bad debt".....
the capacity of Mr Paulson for self deception is astonishing
He did not need to save investment banks ,let the system clean itself
And if the banks fail and there's another Great Depression, then what?
I think theoretically it's good but the reality is that it would cause more chaos because the banks has their hand in so much thing that it would bring everybody down.
There is such a thing as “moral hazard” as they explain in institutional economics. And this is it - the people who took the major risk with other peoples money, have harvested profits and nationalized losses, spreading those all over the globe - no were bankrupted down to zero nor put into jail. “ too big to fail”. And this exactly why they where taking this level of risk and leveraging as they knew they would be saved for government (I.e. taxpayers) money or money of the prisoner dilemma “lose-lose” rivals. This have created a precedent to even more riskier behavior for a future bigger crisis yet to come. Irresponsible behavior of the biggest players close to FED and American elite.
I know little of Paulson, but there is nothing in his nervous personal presentation which would calm markets, Wall Street, Congress, the public, or a heavily-sedated catatonic. They poor guy's a dang cocker spaniel.
His pinky finger looks broken 😧 kept throwing me off throughout the interview
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Love or hate Paulson he did the right thing. We have a booming economy now thanks to him, Dr. Bernanke and Tim Geithner
4ANewDeal he just kicked the can further down the road and further inflated the bubble. In less than two years we won’t be able to kick this can because it’ll be the size of an aircraft carrier.
A recovery based on printing money and massive deficits. Good luck with that.
I liked the suggestion someone made while this " robbery" was happening. Why not pay off the houses of anyone 50 and over, give them money to buy an American made car and retire. It covered all the bad. But the banks wouldn't get their bailout money.
I've just watched Sorkin's conversation with Geithner, where he asked the same question he does here (19:35), and what immediately struck me was how identical the beginning as well as the contents of Paulson's answer were to Geithner's, and I thought: of course, these guys, since 2008, have gotten all their answers straight to potentially embarassing questions, just to create, or at least strengthen, the story/myth that what happened and why in the rescue mission of late 2008 could and should not have been any different, including the justifications at the time - and now - for acting as they did. That is not to say they did NOT act in a relatively responsible and necessary manner, but it makes you think.
His first conversations going into the Secretary of Treasury post were about the excesses he saw in the financial sector. He said they had no authority to save investment banks. What the government does have is a self interest in preserving the system. They are less interested in the devaluation of true work (work not done by banks and investors) than they are in the preservation of the financial institutions the government relies on to grow tax revenues.
Could the government save investment banks.?
Well said. This is true.
Yup. Financial institutions that go bankrupt due to malpractice are bailed out while schools that go bankrupt are left to fend for themselves. Nice going America. Make America Great Again yeah?
Or the day I gave 700 billions to my buddies
Can he quit waiving his arms.
How much s.... T can these people spin and they constantly get away with it
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If yet why the state divide because we did have the best fire extinguishers to stop the financial ruin
They banned short selling , interesting
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O K, Here come all the experts!
2019. Back to square one.
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U need to keep reporting on this financial crisis that's coming. I want to know where is all the debt going? There toxic debt that keeps been dumbed somewhere else...
I want to know what's backing all the dollars out there if there's not enough Gold? Will the global debt come crushing down on us all?
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3 years later the answer to that last sentence/question is increasingly “YES”
Do you hangout with Lehman.
4:10 really they couldn’t ??? What about AIG?
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Complicit in the act of treason.
Paulson has as much credibility discussing the crisis as a tone def cat does singing opera
You're an idiot
What would've you done in that situation?
The banks paid back the TARP amount with an extra 15 billion for the taxpayer. It also saved the economy. It was a damn good deal.
His actions are stupid in the first half with not bailing out Lehman and underestimating the markets response to its collapse but his actions in the second half was necessary evil, if they didn't conducted capital injection with the Tarp initiative and let people lose credibility to the banks and pull out investments, the modern economy of the world would have collapsed that day.
ARS is a chill for the elites
Today the ability to overcome a crash
seems to face some greater difficulty....
I’m ok pretty sure Andrew is a cyborg
What is the benefit of allowing these banks to have so much unsecured liabilities? Just so they can make money?
Here we are in 2021 and nothings changed. Gamestop was shorted 140% even though he said he was already looking into stopping 'shorting even before the 2008 crisis 😅😅🤣😂
He chose to stabilize the market...temporarily instead of persecuting those who created the situation. Now, we will have similar problems in the future because no politicians and normal people understand the market. We continue to be TRICKED AND MANIPULATED.
The UK 🇬🇧 didn't ever appreciate having Gordon brown as prime minister at the time in 2008 but him and Darling were awesome, Gordon brown would have smashed a hole through Fred Goodwin for his part and RBS. Brown was topman.
Labour acquired more debt than evey other British government combined, your delusional!!!
Did Lehman suggest the state divide.
Sorry, every American now remembers the smell of b.s.
i don't think they do.
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Man, do we need Trump back.
surprisingly good deal for the taxpayer
Man this guy is so smart !.Wish he could teach the Indian FM to act smart and better !
Half truths!
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My 2 cents we see you "DOUBLE"😉😉😉😉Edward Lazear🔍🔍🔍
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Did actually say the banking system is better regulated now?..... lol
Lmao nope no it isn’t
This is funny .Everyone knew the problem before the crisis years ago.
I can also protect Goldman Sachs and come out as I helped the middle class and saved America.
Ok, it wasn’t for Wall Street, it’s for them, now explain the worries of people, will this thing happen again, too big to fail, national treasure helps some too big to fail, increase national debt again, isn’t national debt infect all people in this nation or not? God helps America, may this great nation be well!
Did the president set up meeting no one know with Lehman.