10/22/2008 05:12 am ET Updated May 25, 2011

Paulson: "What Has Gone On Here Is Terrible, Unexcusable" (VIDEO)

Henry Paulson made the rounds on the Sunday morning talk shows to discuss the financial crisis and the government's planned bailout. On NBC's Meet The Press, Paulson said. in regards to the crisis, "what has gone on here is terrible, unexcusable."

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On Fox News Paulson conceded that the $700 billion bailout proposed by the government would put the taxpayers at risk, but added that "It would be extraordinary circumstances, highly unlikely, that the cost will be anything like the amount you spend for the assets."

On ABC "This Week" former presidential candidate and Senate Banking Committee Chairman Chris Dodd explained that government doesn't "have any choice but to act" to stem the financial meltdown.

Watch clip.