Paulson: crisis happens once or twice in 100 years
Paulson's remarks follow pledges by world leaders attending last week's emergency economic summit to begin an overhaul of the world's financial regulatory system.
With the next summit slated for the spring, the work on fleshing out details for the Herculean task will fall to the incoming administration of President-elect Barack Obama and his new Treasury secretary.
Paulson, whose boss President George W. Bush leaves office on Jan. 20, acknowledged that the financial crisis was caused by many factors including "government inaction and mistaken actions, outdated U.S. and global financial regulatory systems, and by the excessive risk-taking of financial institutions."
Still, he cautioned against the U.S. and other countries developing a too-onerous regulatory response.
"If we do not correctly diagnose the causes, and instead act in haste to implement more rather than better regulations, we can do long-term harm," Paulson said in a speech in Simi Valley, Calif.
Comments
- Williams plays despite back and calf... 10:45 p.m.
- Wade honored to join 'Air Jordan' 10:25 p.m.
- PTSD lingers for war veterans 10:25 p.m.
- Veterans event on chopping block? 10:24 p.m.
- Pride Center lauds service from gays 10:20 p.m.
- Historic Armistice Day in Paris 10:19 p.m.
- Obama honors veterans at Arlington 10:17 p.m.
- Hezbollah says Obama shows bias 10:17 p.m.
- World datelines 10:16 p.m.
- Tavernari has matured 10:02 p.m.
- SLC council OKs gay rights policies
- Utah Jazz have a problem at point
- 'Love story' of crash victim ends
- BYU football recruit turning heads
- Alta's Ohai is Ms. Soccer 2009
- Prep football: Felt's Facts Week
- 12 Utes return to Texas
- Cougars' defensive hoops clinic
- Wyoming writer amazed by BYU
- Gays get Mormon support in SLC
- House passes health care bill
285 - SLC council OKs gay rights policies
241 - TCU showdown has big implications
193 - Senators want food tax restored
157 - Cougars crush hapless Cowboys
155 - Utah Jazz fall apart against Kings
131 - TCU 4th in AP poll; U. 16th, Y. 22nd
119 - S.L. vote pending on gay protections
109 - No 'backlash' for pioneers, gays analogy
108 - Pratt pleads not guilty to sex charges
100
Maybe someone out there can help me understand how raising the state...
The government needs to provide an environment where business grows. If...
San Juan fan, on the fact that this will be a great game. However, these...
Pretty sure we have two first round picks, the mock draft boards all say we...
@Mr. Liesik and editors... "Scoff" is a strong word. I don't get that...
well cnn will probably be around 100,000 viewers now while fox hovers around...
Don't tell me Cougar Nation isn't nervious about the outcome of the Utah/TCU...
hey atleast we won in the 4th quarter 24-21, it looks like Jerry is doing his...
Missing the "G"
I was one of the lucky ones who said NO, NO, and NO sir to this scam.
The celtics only had 4 more field goals than us. Not horrible, but we had 0...


You can be the first to comment on this story.