Hank Paulson in Saving Freedom

On Government Reform: 2008: Pushed trillion-dollar Wall Street bailout

Just before the pivotal election in 2008, Pres. Bush and Secretary Paulson convinced Congress to pass a Wall Street bailout bill giving the Treasury Department nearly a trillion dollars (all borrowed) to buy up bad loans clogging up the credit markets. The explanation for this massive intrusion into the private markets was too complicated for almost anyone to understand, but Americans instinctively knew something was desperately wrong with this plan. They blamed Bush, McCain, and the Republicans in Congress.

The result was a bloodbath for Republicans in the 2008 election and the installation of a powerful majority of Democrats who believed they were elected with a mandate to expand government regulation and control of the financial market. Democrats believed the financial and economic crisis was caused by deregulation and a failure of capitalism. They are now working to further centralize government power over the financial markets in the US and internationally.

Source: Saving Freedom, by Jim DeMint, p.119 Jul 4, 2009

The above quotations are from Saving Freedom: We Can Stop America's Slide into Socialism, by Sen. Jim DeMint. Click here for other excerpts from Saving Freedom: We Can Stop America's Slide into Socialism, by Sen. Jim DeMint. Click here for other excerpts by Hank Paulson. Click here for a profile of Hank Paulson.
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