Speaking to several thousand US and global executives at the Biotechnology Industry Organization’s annual convention in Boston, former Treasury Secretary Hanks Paulson said:
What I never was able to make the public understand was that the rescues weren’t for the banks, they were for the public. Every rescue, every bailout we did, I have no regrets because it was better than the alternative.... The money we put out, it prevented a collapse.Uh yeah, it prevented the collapse of Goldman Sachs and other banksters.
Paulson appeared on a podium for a post-luncheon conversation with another former Treasury Secretary Robert Rubin, the Boston Globe reports.
Rubin said the United States, the European Union, and Japan all face unsustainable levels of debt.
All three of these, roughly speaking, have the same problems. They have unsound, unsustainable, and deeply dangerous fiscal situations. In each of these major regions, the problem has been kicked down the road rather than addressed.In recent public statements, Rubin has been extremely pessimistic about global financial affairs.