Paulson Defends Government Intervention

By: Associated Press
By: Associated Press
Treasury Secretary Henry Paulson says the next several months are going to be rough ones for the economy.  He defended government intervention in the private financial industry Wednesday morning.

(AP Photo/Jose Luis Magana)

Treasury Secretary Henry Paulson says the next several months are going to be rough ones for the economy.

But he also expects that over time, things will improve, and that the government's decision to buy into nine of the nation's biggest banks with a $250 billion investment should stabilize things.

Making the rounds on the morning talk shows, Paulson admits he was against the idea of having the government intervene in the banking system. But he also says as things kept changing, he viewed it as the way to get "the maximum bang for the taxpayers."

Paulson admits problems such as rising joblessness are likely to continue in the short term. But ultimately he says "we're going to meet this challenge."

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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