Monday, September 15, 2008
Who's Paulson kidding??
Just a short while ago Treasury Secretary Hank Paulson told Americans that they should have "confidence in the financial system." Who's he kidding??? The private financial system has been shut down for the past 13 months and were it not for the Fed and his own Treasury Department providing supports, pretty much all commerce would have ceased. Now, as he basically tells the citizens of this country to "drop dead, you're on your own," he leaves the resolution of all this to the markets, which means it is certain to be devastatingly brutal. Whereas much of this was mainly confined to the financial sector and Wall Street, expect the contagion to spread rapidly and fiercely now to Main Street.