From John Dizard at the Financial Times:
In the case of Henry Paulson, Treasury secretary, it would seem he is distinguished by a profound, possibly intentional, ignorance of what he is talking about, and a central nervous system that would not seem to be capable of abstracting possible outcomes beyond one news cycle.
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LOL that is amazing. Go John Dizard!
That’s definitely a good one! I’d love to be a fly on the wall when Paulson hears of this.
Bernanke and Paulson need to be grilled to a crisp this week, because they are both highly inept and doing a very poor job and Congress/Senate should put them both to the screws!
Right on Yves and Dizard!! This should be a time like Watergate, when Nixon was brought down from all his bullshit and in this era of massive collusion in The Bush Era, we need media to stay on top of the crooks and pin them down!
You do know that Paulson worked for John Erlichman in the Nixon Administration. I’ve only watched snippets of his testimony before Congress, but he strikes me as being much more careful about what he says than most, and I suspect that experience explains why.
IT’S A WONDERFUL LIFE
Up here in the garret we have tv and often especially at yuletide they show this really great old movie with James Stewart and Donna Reed.
Course everyone’s seen it dozens of times – old time savings and loan threatened with a run, saved by Stewart and the bell. Bad guy Lionel Barrymore wants to buy it out and close it so ordinary people can’t afford to buy their own home but have to rent from him.
Then a ‘credit crunch’ – ‘solvency crisis’ or is it fraud – the money has disappeared (lost) (taken away by the bad guy). Stewart is bereft and jumps in the river – he nearly sells out!!
In the end though an angel steps (jumps) in and… well you know the rest – everybody digs deep in their pockets to find the money to bail out the bank!
It’s set 60 years ago and nothing like it could happen today. But as we sit here, dreaming up art stuff like paintings and video wheezes, me and Opkins (the mouse) and Spider (the spider) don’t feel as secure as we used to . No sirree not quite as secure as we used to.
“Intentional ignorance”
The new black?
Paulson knows exactly what he is doing. Protecting the interests of large investment banks. In 1952 “Engine” Charlie Wilson said something to the effect that, “What was good for General Motors was good for the United States and vice versa”. Paulson believes what is good for Goldman Sachs, et. al. is good, and to hell with the USA.