Meet The Press: Treasury Secretary Henry Paulson
Treasury Secretary Henry Paulson gets grilled by Tom Brokaw -- live from Beijing.
Running time, 07:36 minutes
Thank to VJ for alerting TBP about this this video, who posted the following comment:
"Brokaw repeatedly splashes Paulson in the face with reality on this morning's Meet the Press: * Tells him the stimulus checks that his Treasury sent out "had about as much effect as a BB gun on a bear". * Displayed his 'CONTAINED' quote up on the screen, "I don't see [subprime mortgage market troubles] imposing a serious problem. I think it's going to be largely contained." * Showed the video of Chimpy saying that "Wall Street got drunk". Paulson said that in 5 months, he exits, stage Right."
Who knew Brokaw had the stones to grill a senior politico?
UPDATE: August 10, 2008 7:12pm
It looked much harder hitting on NBC than it does on the web. There were more pull quote -- they all looked rather foolish. Perhaps that gave the audio interview a tougher appearance than warranted
Sunday, August 10, 2008 | 04:30 PM | Permalink
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Comments
No different than other interviews I have seen "Hank" Paulson in...he is running for the freaking hills come January 19th, '09.
That is a little bit scary in that he may now know that the real financial tsunami has not yet reached our shore (if you can believe that premise) and wants to make damn sure he is not around when it does.
Posted by: BG | Aug 10, 2008 5:15:05 PM
An interesting question is how many compete nt career professionals are left at Treasury to pick up the pieces and move on when these clowns leave in 09. I can't imagine someone trying to explain Fannie an d Freddie issues to McCain.
Posted by: larster | Aug 10, 2008 5:26:12 PM
Half an hour of stuttering? Is it worth listening to?
Posted by: shtove | Aug 10, 2008 5:36:39 PM
"Who knew Brokaw had the stones to grill a senior politico?"
_____
After the past 8 years, I'm shocked that he or any of his peers have the stones to continue claiming to be professional journalists/reporters/newscasters...
Posted by: Marcus Aurelius | Aug 10, 2008 6:03:37 PM
This was a grilling?
Posted by: Joshua | Aug 10, 2008 6:10:10 PM
Those were some small stones re the interview. Definitely not up to MTP standards. But, it's better than the softballs Brokaw is used to lobbing. I have contacted the White House and asked that the President consider accepting Hank's resignation and replacing him in memoriam with another Hank - Hank Nastiff. Better know as Hank the angry dwarf. At least Nastiff would be honest and tell us all to get drunk and wake up in five years. That's about the best economic advice I could imagine.
Posted by: bdg123 | Aug 10, 2008 6:13:16 PM
Brokaw has ALWAYS had the gonads to grill a senior politico when that politico is a Republican. Where the hell have you been, Barry?
PS - I can't stand Paulson and am thrilled at the interview, but I wish Brokaw et. al. in the press would start grilling both sides with as much vigor. If they did, we might not be in nearly the mess we are.
Posted by: ssm | Aug 10, 2008 6:15:34 PM
So what, exactly is Paulson's competence ?
He always sounds as dumb as a box of rocks.
Posted by: sysin3 | Aug 10, 2008 6:29:22 PM
Not much of a grilling, IMO. I think Tim would have delivered a tougher interview.
Posted by: btw | Aug 10, 2008 6:34:59 PM
Tom Brokaw and NBC are a disgrace to respectable journalism. The commenters on this sight need to cheer up and quit being so depressed. Where's all this negativity going to get you? Have a drink and loosen up a little.
Posted by: Brokawed | Aug 10, 2008 6:54:24 PM
Two words: whiffle ball. No bbq. Not even a match,
since he chose not even to directly answer the whiffle
balls.
But did I hear right?...1.5Trillion of the 5Trillion GSE debt is on stuff outside the US? WTFIT?
And not a single question about wiping out the current shareholders, nor giving the current bond holders a hair cut such that their investment return more closely matches that of an explicitly backed enterprise, instead of getting non-backed enterprise sized returns (too much)?
"We're bailing them out because we're gonna need them?"
Really?
Why not do it like the FDIC. Close it on Friday, wipe everyone out, fire the lead managers, open it up on monday with the word "Federal" inserted somewhere.
I'm going to guess that's because someone very big
and very important is holding the debt, right? right.
Posted by: KnotRP | Aug 10, 2008 7:02:26 PM
No no no...not "hold the debt"...meant to say "holding stock, options, bonus plans, and preferred shares, along with sweet jobs and perks". Maybe some of the debt too, since they probably knew it'd be backed by tax payers.
Posted by: KnotRP | Aug 10, 2008 7:08:35 PM
Calculated risk as a link to the 49 minute version...so there is more?
Posted by: KnotRP | Aug 10, 2008 7:09:15 PM
HE KNOWS HE IS LYING
THATS WHY HE IS STUTTERING
ANY PERSON CAN SEE THAT
HE SHOULD BE PROSECUTED AND SENTENCED
Posted by: NOR | Aug 10, 2008 7:34:23 PM
It's moments like these when we miss the transparency of John Snow. In any event, Paulsen is a marvellous spokesmen for Republican Economics.
Posted by: Lance Spore | Aug 10, 2008 8:12:20 PM
See the left shoulder twitch at the start of the interview as Tom B warns him to brace for in your face bad news? He hates the situation he's in. Having to justify desperate action in the face of desperate circumstances.
I know i'd hate to be pulled in for an interview about whats happening at work when I'm on holiday. I'd have to be paid really well for that.
He's a spokesman, a PR man, a mouth, he hopes the policies he's articulating work out.
How many times did he mention a bottom in housing? Thats what they are hopping for. That the situation will not get to hard to manage before housing bottoms.
What will they do to insure that they can manage the situation? They will print money to prop up housing. Look out wage price spiral heading your way fast.
Posted by: Simon | Aug 10, 2008 8:29:31 PM
BR, check out the interview with Bush on NBC.
It was the most laid back and forthcoming I've ever seen him.
PS: Having to enter word verification for every comment is ANNOYING and probably deters a lot of people from commenting.
Posted by: Owner Earnings | Aug 10, 2008 9:06:43 PM
Here's the full transcript:
http://www.msnbc.msn.com/id/26123239/
I wouldn't exactly call this a grilling, either. There were many instances where pointed, pressing follow-up questions could have been asked of Paulson, and Brokaw missed the opportunity.
Posted by: Mr Bubbles | Aug 10, 2008 9:32:11 PM
1:44 "I'm told the biggest part of the housing correction is behind us". Sing it Paulson.
Brokjaw is a strawman, and HP is a pigman for GS and their buddies.
Posted by: Attila Hooper | Aug 10, 2008 11:00:07 PM
Whenever Paulson says "We're right behind you", make sure he isn't standing too close.
Posted by: AGG | Aug 10, 2008 11:45:32 PM
Socialism for the rich, sweet fuck all for the rest. Bend over and take it like an American.
Posted by: Gary | Aug 11, 2008 12:56:05 AM
Barry,
Brokaw smooched Paulson's bottom, you call that grilling?
Posted by: Oil Shock | Aug 11, 2008 3:27:11 AM
I guess compared to the sweetheart softball interviews he gets on CNBC it is!
Posted by: Barry | Aug 11, 2008 5:39:31 AM
They're in China & not one question about who the bondholders are.
Not one question about the politics (international and/or domestic) of this bail-out.
http://market-ticker.denninger.net/archives/531-FLASH-Now-We-Know-There-WAS-A-Threat.html
Not a grilling!
Posted by: freejack | Aug 11, 2008 6:17:53 AM
Aaah...reaffirmation that Hank's a tool. It was nice to see someone query Paulson that wasn't so star-struck and deferential that they are rendered incapable of a follow up for clarification. Unlike most of the biz newsies I suspect Brokaw's panties remained dry throughout the course of the interview. Though I didn't see anything close to an outright grilling...
Posted by: Scott in Chicago | Aug 11, 2008 10:17:05 AM
