“Do as I say, not as I do” is the clear message of hypocrisy spewed forth by former US Treasury Secretary Henry Paulson this week.
Having presided over the largest redistribution of taxpayer funds to bailout the banking system, while exclaiming fire and brimstone should they not be saved, he now has some advice for an over-levered, over-capacity, systemically-stymied China – “let failing companies fail.”
Some other Paulson comments:
“As Americans, we shouldn’t like bailouts. Where I come from, if someone takes a risk and they’re going to make the profit from that risk, they shouldn’t have the taxpayer pay for the losses.”
“If the financial system collapses, it’s really, really hard to put it back together again.”
“What I’ve said repeatedly is, ‘I think the auto industry is a very important industry.‘”
But for China – screw them all…
These are the types of ‘Assholes’ we have allowed to run our government, financial sector, education and media!
Hank is from the old school of corporatism or crony capitalism. Perhaps he he read Bastiat from the get go, we wouldn’t be in this mess? Nah, some other moron would have jumped into fill that vacancy with the same theme.
We’re screwed. Wait Donald will save us but who will save us from him?
This POS should be awarded Hypocrite of the Decade.
He extorted $700 billion from the American taxpayer under the bank bailout, so it was okay to save his ‘friends’ at Goldman Sachs et al.
And now he’s preaching to China?
What a joke.
This guy could be the biggest thief in history.