Hank Paulson: Bernanke Is a Hero, Model Fed Chair

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Sept. 12 (Bloomberg) -- Former U.S. Treasury Secretary Hank Paulson reflects on the 2008 financial crisis and discusses the health of the U.S. banking system. He speaks with Tom Keene on Bloomberg Television's "Street Smart." (Source: Bloomberg)

Hank on hank.

This is my favorite quote in the movie.

It's like a poem.

Hank is candid.

Hank is industry.

Hank is decisive.

Hank acts too quickly.

You're qualified to be the next fed chairman and that's great.

You will not talk to me about chairman summers or vice chairman janet yellin and i understand that.

What characteristics we need is that we can put -- we consult those possible instabilities.

The next phase will be important because there will be much more of an emphasis on a return on assets, david e, real growth, and we are going to have to as chairman ben bernanke has said, we are going to have to move from these extraordinarily low interest rates and get back to real margin.

Do you have the confidence we will do that without instability and shocks?

There's bound to be volatility.

There is no perfect solution when you have a big, ugly, messy problem.

There will never be a perfect, elegant solution.

I believe that ben bernanke has been a hero.

To be where we are today where you have growth of 2% since 2009 while we have been undergoing this necessary and massive deleveraging, it's important.

There is bound to be volatility.

The next fed chairman, again, which is a huge, important decision for president obama, the key qualities are, first of all, fears, independence, great ability, and to be someone who you want to see a return to and ben bernanke.

And then someone who is a good communicator.

A kid out of chicago and you went to dartmouth.

You're not the brightest brightest kid in the class.

Putin took a shot at the u.s. today and he questioned american exceptionalism.

How do you define american exceptionalism and how can you keep it?

This is a very special country and it is based on innovation, entrepreneurship, and the key thing is social mobility.

The fact that everyone feels in this country they have a chance to succeed.

I think the most important thing we have to do to keep the spirit of american exceptionalism is to fix our economy so that we are growing at a level that we can sustain long term prosperity and narrow the gap that is widening for the income gap.

If there is anything that is the moralizing is to have the cap get wider and wider.

To do that, i think we're going to need some bipartisan compromise in in washington to get some policies that are really progrowth.

We need to get to a different tax system.

Your movie is up for oscar consideration.

It is a jewel.

The trailer was -- i had a tear

This text has been automatically generated. It may not be 100% accurate.

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