The president listened as Ben S. Bernanke, chairman of the Federal Reserve, laid out the latest terrifying news: The credit markets, gripped by panic, had frozen overnight, and banks were refusing to lend money.Then his Treasury secretary, Henry M. Paulson Jr., told him that to stave off disaster, he would have to sign off on the biggest government bailout in history.Mr. Bush, according to several people in the room, paused for a single, stunned moment to take it all in.“How,” he wondered aloud, “did we get here?”The Reckoning - Bush’s Philosophy Stoked the Mortgage Bonfire - Series - NYTimes.com
Monday, December 22, 2008
The Reckoning - Bush’s Philosophy Stoked the Mortgage Bonfire - Series - NYTimes.com
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