The bailout of Wall Street was necessary but that overlooks the problems with the implementation. As they say, the devil is in the details. Paulson and Geithner gave away everything and missed the perfect opportunity to demand accountability across Wall Street when they dumped trillions into the Wall Street coffers. Giving money without strings is the issue. If anyone would know this, it would be Paulson. Surely he never gave away money like that when he was running Goldman. A Wall Street insider who has his own mound of cash from deals knows that the time to ask for demands is during the transaction and not after when it's signed. Claiming otherwise only reinforces his arrogant attitude because people are not that stupid.
Bailing out Wall Street is only an issue today because it was so poorly handled. Paulson's "25% unemployment" is a diversion from the real issue which continues to infuriate everyone. Well, almost everyone. Paulson's response underlines why people dislike and distrust him.
"If the system had collapsed millions more in savings would have been lost," said Paulson, who was Treasury Secretary at the time of the bailout, at a hearing. "Industrial companies of all size would not have been able to raise funding and they would not have been able to pay employees, this would have rippled through the economy."
