USA TODAY: …But in a new book, [former Secretary of the Treasury Henry M. Paulson Jr.] warns…”It is important that China stop its
over-reliance on municipal debt to finance infrastructure,” he said in an interview. “I take comfort in the fact that China’s leaders
understand this.”…
But the question he gets most often is whether the financial meltdown in the United States seven years ago, which has had consequences
that continue to ripple through many Americans’ lives, could happen again here.
“Of course it could,” he responds, sitting at a game table in the rustic home he and his wife, Wendy, built four decades ago. It is tucked amid white oak trees in the neighborhood where he grew up, abutting a Cook County forest preserve where they can indulge their passion for bird-watching. “But I don’t see anything the magnitude we dealt with happening in the U.S. anytime soon. We have already taken some very, very significant steps. Our banks are much better capitalized. They’re much better managed. We have better regulation. We have better risk control… (more)
EDITOR: Paulson, the Secretary of the Treasury under George W. Bush, was one of the heroes of 2008, playing a huge role in saving the USA and most of the rest of the world from sinking into a 1930th depression.
