Paulson: Economy recovering, defends bailout
WASHINGTON -- Former Treasury Secretary Henry Paulson says the country would have suffered Great Depression-era joblessness, near 25 percent, if the government hadn't arranged the financial system bailout.
Paulson made a stellar defense of that bailout, known as the Troubled Assets Relief Program, in an interview Monday on ABC's "Good Morning America."
He said that he and other top policymakers had no choice but to intervene when they did.
Paulson said the economy is recovering but that "it's got a good ways to go." And he said "we have not fixed the problems we need to fix."
Paulson also defended the bailout of the giant insurance company American International Group, saying it would have been a "disaster" if it had been allowed to fail.
ABC, good morning america, economy, recession, business
- Search on for man who went missing after B2B race 53 min ago
- Concession workers launch one-day strike at AT&T 41 min ago
- Gay soccer player Robbie Rogers joins LA Galaxy
- Santa Cruz police arrest crime plot mastermind
- PG&E disputes record fine for San Bruno blast 17 min ago
- Scouts honor veterans at annual Memorial Day event 18 min ago
- Police position DUI checkpoints in unsuspecting areas
- San Jose structure fire displaces 5 people
- Limos without valid permits listed on airport website
- Walnut Creek student dies after brain hemorrhage
- I-5 bridge collapse raises Bay Area safety questions
- abcnews: McDonald's CEO scolded by 9-year-old
- roundup: Machete murder; PG&E fights fine
- weather: Bay Area weather forecast for Sunday
- Scouts honor veterans at annual Memorial...
18 min ago
Most Viewed StoriesMost Viewed VideoMost Viewed Photos