Will Henry Paulson Sink Detroit?
Mr. Paulson now stands to gain lasting notoriety as the person who destroyed the domestic U.S. auto industry, and the economies of the Michigan, Ohio, and Indiana along with them.
Mr. Paulson now stands to gain lasting notoriety as the person who destroyed the domestic U.S. auto industry, and the economies of the Michigan, Ohio, and Indiana along with them.
We have watched one bailout unfold, and we have not been impressed. We heeded the Wise Men, and now we feel violated. But how do we now hold failing auto companies to a higher standard?
Financial markets have given Hank Paulson a vote of no confidence. His inaction has triggered a chain reaction. Unfortunately, it's the rest of us who will pay the price.
The first thing Obama should do to get the economy back on track is publicize the financial record of the Bush Administration. Every business knows that "if you can't measure it, you can't manage it."
Paulson spent the past two weeks playing a game of chicken with firms like Lehman Brothers and AIG. Now he is playing even higher-stakes chicken with Congress and the economy.
Given the last decade's malignant transformation of U.S. finance, providing federal transfusions without needed corrective surgery is not medicine but unwise favoritism and cosseting.
Last week a mix of water and sanitation experts gathered for World Water Week in Stockholm, Sweden to mull over the world's biggest public health crisis. The problem is that not enough people paid attention.
Lehman's demise was driven by timing. Its fiscal quarter ended on August 31, so it was compelled to report $7 billion in losses on mortgage backed securities sooner than other banks.
So, $290 billion into his bailout plan, Hank Paulson is calling for a do-over. Now there is a confidence booster -- it shows just how uncertain Washington is about how to keep the economy from imploding.
When a consumer uses a new credit card to pay off astounding debt from an old credit card, in many cases, it is illegal. Apparently when the government does it, it's billed as Serious Public Policy.
In the battle over the proper role of government, the high priests of the church of the Free Market -- including Bush, Paulson, and the Masters of Wall Street -- have suffered a monumental defeat. So why are we allowing them to dictate the terms of their surrender?
Last week, Neel Kashkari appeared before Congress, where he was called a "chump" by Maryland Dem Elijah Cummings.
The policies that Paulson and Bernanke did implement at such staggering cost have only begun to do their full long-term damage, which will probably come in a round of even more serious inflation.
The Treasury's policy did nothing to build confidence or stabilize the markets. The precipitous drop of the equity markets in October and November are the market's judgment on their policies.
Those of us who opposed the bailout said, the way to deal with a credit crisis is to actually, ya know, deal with a credit crisis, and not use it to enrich Wall Street executives.
There is a direct line from Milton Friedman's ascendancy in the 1970s to the debacle on Wall Street today.
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This is an excellent examination of the numerous steps to take if you want to take out somebody's economy...my only question is where was the moral outrage earlier when it would have made a difference? I think we all share the blame to some extent.
if he were not greedy and dumb .he could have been the greatest president ever.lol ya right !
Bush will serve as the litmus test for Republican craziness for years to come.
Anyone that actually admits voting for or supporting Bush is basically admitting they are a far right wing Republicrazy. Do NOT make eye contact with these monkeys or you may get hit with some poop. He is a complete and total failure in every sense of the word and he will go down in history as a skid mark in the underware of the American presidency.
I am a fiscal conservative and I had to vote Democrat just to have my views properly represented. That fact right there is what makes the Republican party of 2008 a complete and utter failure.
It's certainly true that the mortgage industry was under regulated, but am I the only one who finds this bit of revisionist history just a tad biased? As though the Democrats had no role in lowering credit standards or blocking bills to address regulation of Fannie Mae and Freddie Mac - Paging Barney Frank, Maxine Waters and pal Franklin Raines, among others!