It looks like Paulson's greatest career attribute is the ability to beg. Perhaps that is how he got installed as the ineffectual treasury secretary. He got down on one knee to beg Nancy Pelosi to support the $700,000,000,000.00 BBBBBBBBBBillion Bailout, and on Monday he begged the banks not to horde the cash he is handing them. He is doing this while expressly stating that there are no strings attached. Paulson said,
At a time when events naturally make even the most daring investors more risk-averse, the needs of our economy require that our financial institutions not take this new capital to hoard it, but to deploy it.The free market has been dead since FDR, but the Bush administration has found a way to revive the same trickle down economics that got us into this recession, distract everyone by saying you are resorting to socialism. The awful truth behind that scary buzz word is that they are socializing the financial industry's losses in order to insulate their profits from market forces.
1 comment:
Looking for some criticisms on paulson I came across this blog. my thinking is a bit more radical . let me share it with you . somebody should recommend a good shrink for mr paulson, a powerful medical treatment and lock him in a mad house , the guy sees facts constantly changing and logically he never makes mistakes . we cannot rule out that he suffers of hallucinations after years spent in the trading and board rooms . currently he is triggering one of the greatest depression by helping failed banks to strangle the economy . he is one of the boldest market destroyers that the president of this once upon great nation could have ever chosen.
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