Hypocrisy Defined: Hank Paulson Tells China "Let Failing Companies Fail"

Tyler Durden's picture

"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 redistriubution 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...

"They can show right now they're very serious about dealing with inefficient state-owned enterprises as they take capacity out of the steel industry, coal industry and others by letting some failing companies fail," Paulson told CNBC's Squawk Box on the sidelines of an Institute of International Finance event organized in conjunction with the G20 meeting in Shanghai.


 

Of course this is exactly what China 'should' do - just as America 'should' have faced up to its own malinvestment boom, dealt with the bust, and moved on to renewed growth. But that would have meant the elites lost, and that can never happen.

Just remember, risking US taxpayer money to fill a bottomless pit of bank balance sheets was "for your own good."

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
DownWithYogaPants's picture

What a turd.  We could have ended it in 09.  Now the boogie man is back and bigger than ever.

Peter Pan's picture

Let's not be unfair to Paulson. He did after all say " let failing companies fail." He did not say " let failing banks fail." 

What a turd !!

Osmium's picture

Turd?  Both of you are way too nice.  He's a total piece of shit.

38BWD22's picture

 

 

Well, OK, shut down all unprofitable & failing Chinese companies.

Except the bearing makers of course.

TeamDepends's picture

Reporter: Hank, you will be gobbling Satan's cock for all eternity. Was it worth it?

Soul Glow's picture

Will he still stutter with Satan's cock in his mouth?

NoDebt's picture

These guys don't even care if you see through their lies and hipocrisy any more.  They're immune to it.  They have nothing but contempt for all of us.  

HardlyZero's picture

Many financiers believe Hank is a demigod.

Eventually (probably sooner than later) the entire world will live with his consequences.

espirit's picture

Bullshit.

Nobody believes bullshit.

MalteseFalcon's picture

Somebody wants to buy up China for pennies on the $.

Troglodyte Erudite's picture

You can troll him at:  @HenryPaulson

and at:  Risky Business

@climaterisk Appearantly climate change must be lucrative for him to be involved with Bloomturd as well.

I have a picture of my self on Pacifica Beach by San Fran from 1972, went back last year and guess what, the beach is still there and the water has not risen an inch over 40 years.  Guess what I went to Recife, Brazil in 1988 and went to Boa Viagem beach every day for months.  Well the beach is still there and the water has not risen 1 inch in almost 30 years. 

Climate change is pure BS.

 

JRobby's picture

Paulson is on the top 10 list. He should shut up and get on the G6 to Paraguay.

CheapBastard's picture

When I hear that name Hank Paulson and realize he's still not in prison, it reminds me what a farce Soweto's 8 years have been.

zhandax's picture

"Somebody wants to buy up China for pennies on the $."

Sounds like you spotted Hank’s 'skin in the game'.

Al Gophilia's picture

Oh for the chance, win or lose,  to meet that cunt on the battlefield.

Zero Point's picture

I'd like to see if he could be so glib with a noose around his neck.

vollderlerby's picture

Not just the bearing makers, also everything else without which our economy or war department collapases.  Rare earths, etc.

Kayman's picture

Lots of bearings still made in other countries.

If you ever had to deal with the consequences of a failed Chinese bearing, you would never have them in anything.

willwork4food's picture

You are disrespecting total pieces of shit.

That duel citizenship whore should be hung with pig intestines.

Firepower's picture

no doubt the 10,000 "Waiting for Cramer" still watching CuntNBC will IMMEDIATELY buy Baidu.

Bunga Bunga's picture

But but but Lehman failed.

richinSpirit's picture

...which helped Goldman Sachs. That is the litmus test. If it helps GS, he is all for it. If it his about capacity in China he can give decent advice, as obviously this is neutral or benneficial to GS.

Kayman's picture

Hank extorts $700 billion from the American taxpayer, American politicians toady up and pass legislation even though all the rest of America says no, AIG gets $100 billion to cover insurance for which they have no reserves (derivatives), and immediately a check for $20 billion is written for Goldman Sachs.

And these slimey criminals wonder why the rest of America is pissed off. 

Sorry_about_Dresden's picture

And these slimey criminals wonder why the rest of America is pissed off(?)

I really don't think they give it a second thought.

Griffin's picture

There were no banks to big to fail in Iceland, even though the size of the banking system was 10 fold GDP of Iceland.

If Hank would have been a CEO or a top level executive in one of the Icelandic banks he would be in prison right now.

 

The Icelandic economy is in very good condition and the banking sector, who is for the most part state owned is paying considerable amounts in dividends to the state.

http://icelandmonitor.mbl.is/news/news/2016/02/26/iceland_banks_post_big...

 

km4's picture

Paulson was down on one knee, begging for a $700 billion Wall St bank bailout in 2008 http://www.independent.co.uk/news/business/news/paulson-was-down-on-one-... f*cktard

KesselRunin12Parsecs's picture
KesselRunin12Parsecs (not verified) km4 Feb 26, 2016 9:59 PM

Paulson... jew cocksucking moron par excellence

 

The only one BETTER than Hank the Tank at this was Paul Volcker himself, who, upon leaving the FED & handing it over to Greenspan, got himself directly on the Rothschilds payroll...

cheka's picture

loved the forced do-over vote after house voted it down

somebody got their heads right

SantaClaws's picture

I seem to recall he's a Christian Scientist.  What an embarrassment to the Christian Scientists, who, from Mary Baker Eddy and others, created a fascinating body of religious/spiritual literature.

stant's picture

Or there would be tanks in the street as he told congress . Who some knew already from the secret meeting in march of 2008

BeanusCountus's picture

To me, he is mostly responsible for postponing real opportunity for investment in America.  But it's on its way

BeanusCountus's picture

To me, he is mostly responsible for postponing real opportunity for investment in America.  But it's on its way

doctor10's picture

the bended knee part is total BS-the fact it was in public record is just as much proof. There look to be literally a gun to the back of Dubya's neck in this vid

https://www.youtube.com/watch?v=zefH78DvJvk

Bush puts in a uniquely bad performance here-almost looks drugged

They invested a mess of the 700 billion TARP money into getting Congress, the SC, and the executive branch totally locked down since.

Parrotile's picture

I wonder how many of those Chinese Companies produce strategically important product - maybe not as an "up-Front" product, but as a well-rewarded sideline?

Chinese colleagues do mention on occasion that the major electronics industries do "enough" Government-funded "under the table, Secret Budget" stuff - big name Tech Companies like Uni-Trend, Huawei, Hantek . . . . .

The Chinese are very far from novices at this game - and I'd bet that ALL their Production Capability could be switched to a "War Production" capability at very short notice indeed, with a "Thanks" to the USA (and elsewhere) for providing them with all that start-up technology, the technology they have had so long to examine, reverse-engineer / duplicate, and improve on, all the while carefully (but effectively) giving the general population shoddily built (but cheap) product, with the intention of cementing the "Chinese Crap" meme.

Piss them off much more, and maybe we'll ALL be finding that Chinese MILITARY products are NOT in the same league as the stuff we pick up in WalMart / KMart / Costco.

 

espirit's picture

I'd buy a Chinee $69.99 RPG at Walmart.

Whether it worked, or not.

Kayman's picture

Under Bill Clinton's signature China grew from a backwater to an industrialized powerhouse. I know of no other nation in history that funded the growth of their own enemy.

HiLiary should disclose, but won't, the donors to the Clinton foundation who anonymously "donated" thru the Clinton-Guistra foundation in Canada- which is a clever conduit to funnel bribes to the Clintons.

If the American people knew the full story about Clinton treachery, Bill and HiLiary would be hung, back-to-back for treason.

 

MFL8240's picture

The destructive hand of the Zionists needs to be eraticated from this country!

RopeADope's picture

That is right Hank.

We know you knew better. But you did it anyways...

LetThemEatRand's picture

One of the primary reasons I have so much of a problem with ideologically driven people -- especially those who subscribe to Ayn Rand's ideology or similar -- is that they rarely act consistent therewith when it involves their own asses or the asses of their buddies.  It's just like the cop who busts people for drug possession all day long and then goes home and lights up a joint, crack pipe, etc., or who looks the other way when his cop buddy does it.   Do as I say and not as I do is part of the human condition.  Do unto others is a better goal.

BarkingCat's picture

I am sorry but you cannot fault an ideology because of fake followers of it.

Those are two distinct issue.

Also no ideology is perfect and every one of them has some truth to it. 

Yes, even the dreaded Marxism. They were after all built upon a series of observations.

LetThemEatRand's picture

Alan Greenspan is a perfect example of my point.  He was not a "fake" follower of Rand -- he was a co-author.    Meanwhile, Rand spoke of the greatness of industrialists, while she wrote books.  The irony is lost of all of her followers.  Surely an ideology must be counted as a failure when its two architects could not live according to their own teachings.  I think your point that no ideology is perfect is actually a perfect summation of my argument.  Why would anyone be an ideologue when it is abundantly true that no ideology is perfect?  

38BWD22's picture

 

 

Bwa ha.

That kind of camp is gonna land ya in a FEMA Camp, bud.  :)

espirit's picture

We're all gonna be bunkmates, mate.

MASTER OF UNIVERSE's picture

Do they have beer at the FEMA Camp?

espirit's picture

If they feed us raisins, we can make something like it.

Tastes like kaka, though.

(nothing like butt-lite)

BarkingCat's picture

I am actually not a follower of Rand. I cannot be as I have not read any of her books. I did buy a copy of Atlas but found her writing style mind numbingly tedious and boring. I simply could not get past first few pages.

However from everything I read and heard about the book the ideology is appealing to me. Her outlook was largely shaped by the Communist revolution in Russia. I can guarantee you that right now there is another Rand somewhere in Venezuela. A bright child whose world view is being shaped by the fruits of Marxist ideology.

Coincidentally, Marx' views themselves were shaped by early industrial age Capitalism and the exploitation of the workers. I do find ultimate irony in the fact that Karl Marx started an ideology that resulted in the creation of the Free Shit Army, which is a perfect reflection of his lazy and unproductive fat ass. A man that wrote about the oppression of the worker, something he has never been.

FredFlintstone's picture

You have a problem with people who have strong beliefs?

gmak's picture

classic sociopath.