cyerman

Fire Hank Paulson Now

There is another alternative outcome to either stopping the bailouts or continuing them.

After watching and listening to Paulson a number of times and lately his getting defensive about changing the course of where he sprays our dollars, I think that third alternative would be no matter what Paulson does or his replacement (s) many many people will lose faith that anything is being done and that the financial system is a failure beyond remedy. Then times really will be tough, very tough. Because all of the financial system rests on confidence, transparency and competition. When these pillars are dissolved by a congress and treasury and presidency that does not know how to resolve these entangled financial tentacles crusted in e coli the whole system begins to come apart.

Firing Paulson is too simple a move and it is not a useful improvement.

At least not until we know which congress, which presidency and which set of regulators including the Secretary of Treasury knows how to fix the disintegrating American financial empire?