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Paulson Sounds Way Too Confident
By Joshua Rosenstock | November 20, 2008
“By proactively addressing the problems we saw coming and being pragmatic enough to change strategy in the face of changed facts and despite the inevitable criticism — we prevented a far worse financial crisis.â€
What Hank Paulson calls pragmatism, I call making it up as he’s going along. After receiving $700 million for the “Troubled Assets” Relief Program, Paulson decided not to buy any troubled assets. After initially wanting to be above the law, he eventually learned the hard way that no one, not even Bush Administration Cabinet Secretaries, can be. After initially requesting $700 billion, Paulson decided to spend half of it. After allowing Lehman Brothers to fail (a Goldman Sachs competitor), he decided to bail out AIG (whose survival helps the bottom line of Goldman).
The cronyism and overconfidence of Hank Paulson has done nothing to relieve the credit crisis as stocks continue their plunge below 8,000. It is unknowable what would have happened had we rode this thing out a couple months and let the incoming administration handle it (a more appropriate course of action). Hank Paulson, who decried government intervention his entire career, should never have been put in charge of this bailout. I’m sure he will be back in an executive suite where he belongs in no time. He is just another emperor without any clothes (as we have learned that most of these alleged Wall Street wizzes are nothing more than lucky betters whose collective luck has all run out).
Topics: Economy, Fiscal Policy, Hank Paulson |
November 24th, 2008 at 12:15 am
“Keep you eye upon the donut and not upon the hole.â€
US DEBT owned by PRC is $585 Billion 2008 = 10% of US DEBT
US Trade Dificit with PRC is approaching $200 Billion 2008
11/20/08 The US-China Economic & Review Commission released its 2008 Annual Report to Congress today. The Commission cites Chinese cyber attacks, authoritarian rule, and trade violations as impedments to U.S. Economic and national security interests, and offers 45 recommendations to Congress. The full Report is available on line at http://www.uscc.gov.
http://www.uscc.gov/annual_report/2008/annual_report_full_08.pdf
How To Abolish The Federal Reserve
http://www.youtube.com/watch?v=nNumEm2NzQA
AND WHY
http://www.youtube.com/watch?v=JAcjTqLBuzA
http://www.youtube.com/watch?v=LX2DgN1VYgQ
Remember JFK
http://www.youtube.com/watch?v=DxnpujfanUM
November 25th, 2008 at 7:19 am
I love these short sighted points of view. 12 months ago both the President-elect and his to be Secretary of State were both incompetents in each other’s eyes. Now the Clinton dynasty hs been reinstated in the name of change. We yet but turn another page. The time for retrospection has not yet arrived.