Wednesday, November 12, 2008

Paulson to markets: "My plan stinks"

The vaunted chief of Goldman Sachs (the firm itself is nothing less than a Pantheon of the Gods when it comes to Wall Street) brought in to save the day as Secretary of the Treasury, now says his plan was bad and he knew it the moment he signed off on it.


What's even more unreal is that many people are praising him for "having the guts to admit he was wrong."

He's lucky to keep his job at Treasury. President Bush, in one of his last acts as president, should fire Paulson on the spot after that lame admission. If he did that his approval ratings would soar and he could at least go out on a somewhat positive note.

How dare he!! After imploring Congress to pass this package and after insisting his plan was the right one to save the financial system, he now says it was a bad plan??

Paulson got paid hundreds of millions while at Goldman, for what? Creating, packaging and selling the very instruments of mass destruction that now has our economy tanking. Whose bright idea was it to put him at Treasury? Why do we worship these Goldman people so? Why is that firm so admired?

In the end it had to run to the Fed to save its hide. Paulson will never have to worry. He's set for life, as are most of the Goldman bankers and traders.

It's just most everyone else in the economy that must now suffer. And we suffer doubly as a nation by having this idiot running Treasury. He tells us that the U.S. needs the help of other nations to right its economy. Nonsense! He tells us it was the "imbalances" that brought this on (you mean imbalances like other nations desiring to save in our currency, to the point that they were willing to suppress the standard of living of their own citizens in order to do that?). Nonsense!

Paulson is clueless. We should have let Goldman fail!

The really sad part is that Obama has an entire crew ready to come in and "help." Warren Buffet, a member of his economic "team" has put his money in sorry state Goldman. (Obama should jettison Buffet poste-haste, or this should at least raise some eyebrows regarding Buffet's "acumen.")

Americans beware! Obama's "experts" are all of the same creed as Paulson.


etfguy said...

Paulson's behavior is confusing and inspires no confidence whatsoever in the markets. I actually championed him to my peers when he first proposed the bailout and thought he contributed an element of stability we desperately needed.

Perhaps he's pissed at banks for using the capital injection for aquisitions instead of lending.

mike norman said...

Paulson looked in sheer agony yesterday. It appears he is going through a life altering event. It's probably safe to say that throughout his entire life he has operated from a standpoint of confidence and assuredness. Now his world is coming apart and realizes the enormity of his ignorance. He wants "out" so bad you can feel it. I do not shed a tear for him, however, I am very upset that so many Americans, who don't have millions of $, suffer because of his ineptitude.