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Summary about Hank by Henry Paulson - Essay Example

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Professor Date “Hank: Five Years from the Brink” by Henry Paulson Introduction In September 2008, Henry Paulson popularly known as Hank among many US citizens had the task to save US economy, which was at the verge of collapsing. In the video “Hank: Five Years from the Brink” Henry Paulson narrates about events that took place and how he continuously persuaded stakeholders like congress, presidential candidates, and banks to sign off $I trillion worth bailouts (Paulson)…
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“Hank: Five Years from the Brink” by Henry Paulson Introduction In September 2008, Henry Paulson popularly known as Hank among many US citizens had the task to save US economy, which was at the verge of collapsing. In the video “Hank: Five Years from the Brink” Henry Paulson narrates about events that took place and how he continuously persuaded stakeholders like congress, presidential candidates, and banks to sign off $I trillion worth bailouts (Paulson). The film also centers on him while he was Treasury Secretary in President George W. Bush’s regime, how he settled critical resolution of allowing Lehman Brothers be unsuccessful financially. Besides, he points out how he managed to persuade congress to approve nearly $1trillion in bailouts of AIG, Fannie & Freddie as well as Wall Street firms (Paulson). However, discomforting and morally reprehensive Henry Paulson found decisions he was making during the time as he claims in the video cannot regret because they were necessary (Paulson). Despite all his good decisions during then, Henry cites the only regrets were failing to convince Americans those radical decisions made were not for the good of Wall Street firms but future economical well being of US citizens. Five years after the economic depression of 2008 witnessed in United States, Henry “Hank” Paulson decided to have a movie that features him while talking about what happened besides informing the public. Through this movie, Americans get to find out the sacrifices and critical decisions, which Henry made in order to prevent US economy from collapsing. He gradually brings out the events of the popularly known “Paulson Financial Rescue plan” which he used to bring US’s economy back to its feet. In the documentary Henry Paulson admits he had openly encouraged communication barriers between him and the American public during the financial crisis terming it as a good move that enabled him to perform varied important aspects with ease. Henry contends this was because he believed decisions and moves he made then would not have appeared ethical to the public but they were rather very fundamental (Paulson). In addition, from the video Henry believes that the anger American people hold for his discretion five years ago is good because it does not make American citizens used to bailouts from financial predicaments. Henry does not hesitate to mention he had no many alternatives then and decision had to be taken fast (Paulson). However, Five years from then he cites such decisions have shaped United States’ economy to its current form. Besides, he frankly says same decisions are not perfect as they make an occurrence of such a similar crisis in the current economy inevitable. During this crisis as he tried to put things under control, Henry faced varied critics from different quarters like public, democrats and republicans who viewed his actions as uncalled for as well unethical (Paulson). During this period, he claims he formulated a legal law authorizing US treasury to utilize an amount of $700 billion in order to salvage economy and make its system stable (Paulson). Together with Ben Bernanke who was then Federal Reserve’s Chairman, they indirectly steered a decision to come up with credit facility that offered loans of several billions to American International Group in an effort of shunning insolvency. He advised the regime in that event to make use of many billions within treasury to assist financial institutions get rid of mortgages that were proving to be wasteful and threatened the liquidity of the institutions. He cites that they agreed with Bernanke by providing direct funding into financial investors’ institutions through government and win the confidence of investors in these institutions was the only way to save frozen capital markets (Paulson). They took the decision despite being highly opposed by congress. Through loaning the financial institutions, US regime would acquire 5% dividends in the first year and 9% on the corresponding years until the banks stabilized and could pay back the money (Paulson). After Lehman Brothers were on the way of a financial fall, Henry and Bernanke worked tirelessly to enable Barclays acquire the institution as well as convincing several Wall Street firms to aid in the acquisition process of the firm by funding the deal (Paulson). However, US have put few measures in place to prevent such a crisis to occur in future. Conclusion Evidently, Henry Paulson together with other stakeholders holds a very important position in the success of United States’ economy five years after then economic recession in 2008. This is because of inevitable decisions, which they made in an attempt to stabilize the economy to date in US. For instance, Henry mentions, “we made some very hard choices; we did some unpopular things, some things that were distasteful even to ourselves” (Paulson). It is essential that the necessary bodies that bear the mandate of overseeing US economy to consider putting vital measures that will enable prevention of a similar crisis in future. Work Cited Paulson, Henry. “Hank 5 Years from the Brink” .Online Video clip.youtube.13th October 2013.web 21st October 2013. Read More
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