Paulson's Plan Is Dead. Congress Has Taken Its Mantle As Representatives Of The People.
"I have every confidence that there will be a revival of activity (economic) in the spring, and that during this coming year the country will make steady progress."
- Andrew W. Mellon, U.S. Secretary of the Treasury, December 31, 1929
"I believe what we are seeing is a strong global economy. This is the strongest global economy I've seen in thirty two years. I think this is being driven by strong growth outside of the U.S.....I would say there is less risk in the markets today than there was a few months ago."
- Hank Paulson, U.S. Secretary of the Treasury, July 27, 2007
I just pulled those quotes off of one of my July 2007 posts. I've been on Paulson since he came out with those statements. Not because of some emotional perspective. I have no reason to believe Paulson is not sincere. But because the facts remain that Goldman Sachs originated much of Frankenstein finance under his leadership and he seemingly appears completely out of touch and unable to get anything done as Treasury Secretary.
To even ask for supreme control with no legal recourse tells me a lot about his true persona. If there was anything to panic about over the last week, it was that one person could even ask for what his plan entailed. I don't believe anyone who supports the ideals of representative government or our Constitution would come close to asking for supreme control and verbage actually protecting him from legal recourse then attempting to frighten Congress with imminent doom into signing it with a gun to their head.
Thanks God cooler heads prevailed. Paulson's plan is dead. We will not have an emperor any time soon. Now we let Congress debate a plan. Although they had better do so quickly. The market is likely to remind them often that this is not business as usual. Of course, were we to have seen its approval, I would have drawn parallels to the fall of Roman Republic that ultimately led to the fall of Rome. A fall of the Republic that was cemented by seizure of power by a single person. A bit melodramatic but sardonically appropriate. Americans have not died throughout centuries to give Hank Paulson or anyone else total control of anything. We don't need a 'decider'.
Hank really should take all of his marbles and go home. Now. People seeking this type of power and control are very dangerous. I take solace in the fact that he is a short timer and won't have a chance to pull this stunt again.
In closing, in times of crisis it is telling of the character of both Presidential candidates that they both stood up and said the right thing - no Paulson plan. And, they both did so for the right reasons. Anyone and everyone who spoke out to stop this should take heart in the fact that your single voice helped stop this potential disaster.
- Andrew W. Mellon, U.S. Secretary of the Treasury, December 31, 1929
"I believe what we are seeing is a strong global economy. This is the strongest global economy I've seen in thirty two years. I think this is being driven by strong growth outside of the U.S.....I would say there is less risk in the markets today than there was a few months ago."
- Hank Paulson, U.S. Secretary of the Treasury, July 27, 2007
I just pulled those quotes off of one of my July 2007 posts. I've been on Paulson since he came out with those statements. Not because of some emotional perspective. I have no reason to believe Paulson is not sincere. But because the facts remain that Goldman Sachs originated much of Frankenstein finance under his leadership and he seemingly appears completely out of touch and unable to get anything done as Treasury Secretary.
To even ask for supreme control with no legal recourse tells me a lot about his true persona. If there was anything to panic about over the last week, it was that one person could even ask for what his plan entailed. I don't believe anyone who supports the ideals of representative government or our Constitution would come close to asking for supreme control and verbage actually protecting him from legal recourse then attempting to frighten Congress with imminent doom into signing it with a gun to their head.
Thanks God cooler heads prevailed. Paulson's plan is dead. We will not have an emperor any time soon. Now we let Congress debate a plan. Although they had better do so quickly. The market is likely to remind them often that this is not business as usual. Of course, were we to have seen its approval, I would have drawn parallels to the fall of Roman Republic that ultimately led to the fall of Rome. A fall of the Republic that was cemented by seizure of power by a single person. A bit melodramatic but sardonically appropriate. Americans have not died throughout centuries to give Hank Paulson or anyone else total control of anything. We don't need a 'decider'.
Hank really should take all of his marbles and go home. Now. People seeking this type of power and control are very dangerous. I take solace in the fact that he is a short timer and won't have a chance to pull this stunt again.
In closing, in times of crisis it is telling of the character of both Presidential candidates that they both stood up and said the right thing - no Paulson plan. And, they both did so for the right reasons. Anyone and everyone who spoke out to stop this should take heart in the fact that your single voice helped stop this potential disaster.
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