The 2008 bailouts set the stage for an era of widening income inequality, eroded trust in government institutions and a deeply polarized political environment.
Paulson, a key figure in helping the country avoid economic catastrophe during the 2008 financial crisis, drew on his experience from that tumultuous period in a statement issued late Friday. Paulson and his counterpart at thebailed out banks to stabilize financial markets, actions that remain unpopular to this day.
"One clear lesson from 2008 is that it is very difficult to quickly get all the money where it is most needed, and Treasury has a lot of money so Treasury and the Fed have a very big job ahead of them," Paulson said. The new law, the biggest economic stimulus package in U.S. history, expands unemployment benefits, sends $1,200 checks to individuals, offers loans to small businesses and includes a $500 billion Fed program to prop up corporations. Critics of the bill, eager to avoid a replay of the 2008 bailouts in which finance executives fared far better than many borrowers, have questioned how authorities will dole out the massive amounts of aid to corporations.
"Another lesson is that when there is a big messy challenge, there is never a perfect, elegant solution," Paulson said. "Treasury will need to be nimble, flexible and resourceful. But even if they are, it will be impossible to use the CARE Act authorities in a way that everyone believes is fair and quick enough."
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
'It’s the level of dishonesty': Former Paradigm staff furious over handling of layoffsParadigm Talent Agency on Thursday said it laid off 250 people last week, citing the fallout from the COVID-19 pandemic. Former staffers have blasted the company over its handling of the layoffs.
Lire la suite »
Former L.A. City Councilman Mitchell Englander to plead guilty in corruption caseMitchell Englander has agreed to plead guilty in an obstruction-of-justice case involving his acceptance of money, escort services and other gifts.
Lire la suite »
US never spent enough on emergency stockpile, former managers sayStockpile&39;s inadequate supplies will leave critical shortages for U.S. hospitals scrambling to respond to the mounting coronavirus pandemic.
Lire la suite »
Jay Rodriguez, Former Vice President at NBC, Dies at 92Jay Rodriguez, a former vice president of corporate information West Coast for NBC, died Wednesday of congestive heart failure in Palm Desert, California. He was 92.
Lire la suite »
Former Sen. Tom Coburn, known as a political maverick, diesNEW: Former US Sen. Tom Coburn, an Oklahoma family doctor who earned a reputation as a conservative political maverick as he railed against federal earmarks and subsidies for the rich, has died at age 72.
Lire la suite »