Paulson’s reaction on Bush’s comment
2008-08-11 15:29:52 (GMT) (Caymanmama.com - Business News)Washington, D.C. (CaymanMama.com) — As far as the present economic climate is concerned, Henry Paulson, the Treasury Secretary and former executive of an investment firm, says that the comment of President Bush that Wall Street ‘got drunk and now it’s got a hangover’ is true.
Paulson has also been looking forward to possible economic aid for the second time, an idea which the congressional Democrats have been pushing to vote. Paulson said that the tax rebate program worth $168 billion suggests that the law signed by Bush during February 2008 was just right to aid the stressed economy of 2008. Nancy Pelosi, the House Speaker, says that the House should vote for additional aid as lawmakers will return in September from summer vacations. She judges that more is required to counter high gasoline prices as well as other costs.
The economy has been struggling to emerge from the crises in financial, credit and housing markets and cope with the rising costs at grocery stores and at the pump. In a TV interview broadcast on Sunday, Paulson said that the economic fundamentals of the country are sound. But when asked about the remark from Bush, the former chief executive and chairman of Goldman Sachs, acknowledged that Wall Street has played a significant role in the present downtime, especially in its lending and borrowing practices.
A 218 page blueprint has been drawn up by Paulson to overhaul the regulation of the financial system of the country. The plan will create three super agencies that will have control over the financial industry. This is the biggest proposal since the 1929 Great Depression stock market crash. But time is running out as Bush will leave office in January 2009 and Paulson declared that he will not continue to serve under the new president. The aid plans from the Democrats include public works projects, additional tax rebates, air conditioning and heating subsidies for the poor, aid to states and higher food stamp payments.
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