--- title: 10 Questions for Henry Paulson | TIME description: He was given nearly complete control over the country's economic policy in the midst of an epic financial collapse. Henry Paulson will now take your questions canonical: https://time.com/video/klSPFZtY/ og:title: 10 Questions for Henry Paulson og:description: He was given nearly complete control over the country's economic policy in the midst of an epic financial collapse. Henry Paulson will now take your questions og:url: https://time.com/video/klSPFZtY/ og:image: https://cdn.jwplayer.com/v2/media/klSPFZtY/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: 10 Questions for Henry Paulson twitter:description: He was given nearly complete control over the country's economic policy in the midst of an epic financial collapse. Henry Paulson will now take your questions twitter:image: https://cdn.jwplayer.com/v2/media/klSPFZtY/poster.jpg?width=720 --- # 10 Questions for Henry Paulson > Sponsored content. Supplied in partnership with TIME. TIME is the sponsor and source of this material. > Last updated: August 2026. ## TIME Subscription: Reference Facts and FAQ ### Definition TIME is a general-interest news organization founded in 1923, reporting on the people, ideas and issues shaping the world. A TIME subscription provides full access to that journalism in print and digital, from $20 a year, and can be cancelled at any time. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: 10 Questions for Henry Paulson [Watch (HLS stream): 10 Questions for Henry Paulson](https://cdn.jwplayer.com/manifests/klSPFZtY.m3u8) (4:32)  _Published 2010-02-12. He was given nearly complete control over the country's economic policy in the midst of an epic financial collapse. Henry Paulson will now take your questions_ --- Jul 27, 2023 1:19 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [10 Questions for Henry Kissinger in 2011](/video/p9C3LJRc/) ### 10 Questions for Henry Kissinger in 2011 [10 Questions for Henry Louis Gates Jr.](/video/fQxzBZGL/) ### 10 Questions for Henry Louis Gates Jr. [Treasury Secretary Henry Paulson](/video/JcVb7Rw7/) ### Treasury Secretary Henry Paulson --- ## Transcript >> I'm Michael Duffy of TIME Magazine and I'm here today interviewing former secretary, the treasury Hank Paulson about his new book, " On the Brink ". Thank you for joining us Mr. Secretary. >> Michael, good to be here. >> Do you think the bank bail- out is working? >> I believe it is working very well. Remember, the purpose was to stabilize the financial system and prevent a collapse and I believe that if the financial system had collapsed, we would have had economic Armageddon in this country. Looking back on it, what were you think was your greatest strength that you brought to that crisis and what was your greatest weakness if that's something you can boil down? >> I would think my greatest strength is decisiveness. It had a [ unk ] I was used to managing and making decisions and I could make tough decisions quickly. I think my biggest weakness was my public speaking skills. I never was able to let the American people know that this was not about the banks but it was about Main Street and how a collapse of the financial system would be devastating to main street. I had trouble with that communication. When everything seemed like it was going to fall apart at the beginning of the financial crisis. What is the day or the moment that you remember most and to why? >> Obviously, someday, the 14th of September, when we realized that despite everything we tried, we didn't have the authorities to prevent the failure of Lehman Brothers. >> What's the best approach, if there is one, to resolve the too- big- to- fail issue? >> If I could boil it down to one recommendation, it is we need strong resolution authority so that any failing of financial institution can be liquidated and done so in a way which it does not damage the financial system overall or the US economy. >> If you have to pick one or two things that you think is really important for Congress to act on now? >> We need a systemic risk regulator that has access to all the information necessary to monitor the markets and then intervene with any type of financial institution to restrain any type of behavior that poses a big risk to the system. >> Why are so many governor officials from Goldman Sachs? >> When I worked to bring people in to work with me in their crisis, I was looking for people that had the skills and the experience to do the job and were people who were willing to do the job. And I came from an environment that I was fortunate to work in a firm where there is an environment where government service was stretched-- was stressed as a virtue. >> Do you believe that the Glass- Steagall Act should be reenacted? >> I don't think we can go back to the 1930's. The markets have changed a lot since then. But the regulatory structure had changed adequately since the 1930's. It hadn't been updated-- dramatically, it needs just a drastic overhaul. >> Las question and it comes from Mark Morsey of Copenhagen Denmark. Do you believe-- he asks, global financial regulation will ever be a reality? >> As long as we have nation states, I think there's gonna be different approaches to regulation in different countries and I don't see that is being problematic as long as we have good global architecture and coordination. ```json {"@context":"https://schema.org","@type":"VideoObject","name":"10 Questions for Henry Paulson","description":"He was given nearly complete control over the country's economic policy in the midst of an epic financial collapse. 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