People should be more scared than mad, Paulson says

At Wednesday's House hearing, Rep. Steve LaTourette cut to the chase, summing up the frustration of members who think their constituents aren't getting the gravity of the situation from the dispassionate Bernanke and Paulson show.

LaTourette began talking about "my guy on the couch" back home in his district who was hassled by his boss and angered about doubts he'll be able to get a new car, keep his job, retain his credit card and save for his daughter's education.

"He's scared because he's the first generation who can't pass on the American dream to his daughter," said the Ohio Republican -- adding, "In order to accept this plan...he needs to be more scared."

Paulson obliged.

“He should be angry and he should be scared – and I think right now he’s angrier than he is scared,” said Paulson “And it puts us in a difficult position—no one likes to be painting an overly dire picture and scaring people, but the fact is that if the financial markets are not stabilized the situation can be very severe as it relates not just to his current situation – but keeping his job… this is a serious situation and one he should be concerned about.”

See Also

Glenn Thrush is senior staff writer at Politico Magazine.