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Video: Michael Duffy of Time with Henry Paulson -- May, 2010
You really have to see this short clip. The questions were apparently submitted by readers, but that's not the problem. It's the lack of follow-up by Michael Duffy. It is unconscionable. He is a veteran journalist, so he has no excuse. The same thing happens with Geithner interviews.
The lack of accountability for Paulson's lies means these aren't even questions, they're mushballs placed on a tee at about waist high. And the wind is blowing out.
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1 -- Paulson himself was a leading cause of the crisis -- SEC Rule Change on Leverage.
2 -- There was no armageddon, it was entirely fear-based propaganda. Paul Kanjorski was and remains Paulson' accomplice in fear-mongering distorition. Brad Sherman discussed the Martial Law fear tactics on the floor of the House.
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WATCH ALL 4 VIDEOS
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Internal reports within the Federal Reserve itself showed that TARP was not needed. The commercial paper market for non-fiancial companies had NOT seized as claimed by Bernanke and Paulson: http://www.minneapolisfed.org/research/WP/WP666.pdf.
Interesting that the lions share of the TARP funds was later paid out as bonuses to retain the "talent." So much for the cash infusion being needed to recapitalize the Banks. Of course, the Banks lobbied successfully for a mark to fantasy accounting scheme that was effective in further cooking the books. Then the Federal Reserve bought these "under valued" assets at way above the true market price.
It was one giant lie designed to fleece taxpayers and benefit bankers. And despite overwhelming public opposition, it worked. The reason why is even more distasteful to contemplate:
- Congress is populated by members with extremely low financial IQs. Eyes glaze over, knees get weak, and the checkbook opens almost automatically. Talk about ATMs failing and you'll get whatever bailout you need, Sir Paulson.
And career hacks like Michael Duffy play a part in the swindle with interviews that no longer resemble journalism.
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Background reading:
Rep. Kaptur Sticks An IED Inside Paulson And Then Presses 'BOOM'
Paulson led the move to force an SEC rule change on leverage
Sen. Bunning On Bernanke, Geithner, Paulson And The Truth About TARP
Kanjorski Reveals Paulson's Closed-Door TARP Threats (WATCH)
Kanjorski Asks Paulson To Describe His Greatest Fears From The Financial Meltdown
The Hammer's reputation restoration tour (WATCH)
Dylan Ratigan: Leverage, Hank Paulson And The SEC (WATCH)
Paulson: If McCain Hadn't Gotten On Board, TARP Would Never Have Passed
Sen. John McCain: 'I was misled on the TARP bailout'
Tim Pawlenty: Risk From Financial Crisis 'Was Exaggerated For The Benefit Of Goldman Sachs'
Inside The Shiny Head Of A Financial Terrorist
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