8/11/2008

Treasury Secretary Henry Paulson said President George W. Bush was largely right when he said the U.S. economy is hurting because Wall Street "got drunk and now it's got a hangover." "Absolutely, there's a lot of truth" in Bush's assessment, said Paulson, a former Goldman Sachs chairman and chief executive. While the country's economic fundamentals are sound, Wall Street's lax borrowing and lending practices created "excess leverage, excess complexity," Paulson said.

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