Hank Paulson on Government Reform
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.
However, by March 2008, reality had overtaken his design. In mid-2007, credit makers had suddenly frozen because of a fallout from the subprime collapse. The Federal Reserve had to advance hundreds of billions of dollars to banks to keep credit flowing. So Paulson's 2008 report was a thoroughly contradictory overlay of two documents--one expressing his earlier dogma praising the genius of unregulated markets, the other promoting government rescue and promising stricter supervision of large banks that posed systemic risks.
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