Wednesday, January 9, 2008
Mentally challenged Hank Paulson
As CEO of Goldman Sachs Hank Paulson proved himself, but as Secretary of the Treasury, he displays symptoms of being mentally challenged. As signs of deep recession become more and obvious, and the dow jones drops double digits and the meltdown in the housing market seems endemic, and the tide of unemployment rises, he is slow to wake up from his Rip Van Winkle sleep to do anything about it. How can he? Wedded as he is the philosophy of the market regulates itself, and believing in the silliness of the sainted Ronald Reagan that the government is an onerous load on our backs, how can he do anything but put off the problems to the Greek Kalends. How can he? His wealth and class loyalties have so distanced him from the suffering of the ordinary American, he is incapable of coming up with anything but bandaids to yawning wounds in the US economy. Had he an ounce of intelligence, he would set to work calling for funding public works---America's infrastructure is if not collapsing,in serious need of repair; in dealing with the ballooning debt as he pursues Bush's guns for butter economy; in improving the country's education; in debt relief for homeowners...he has found a way to relieve the debt of his fellow big bankers, who like Goldman Sachs have pulled the biggest ponzi scheme in coming up with financial instruments which they salami sliced globally for big, fat returns, rosy bottom lines, and indecent bonuses. Paulson is the wrong man for this task; in fact, no one in mini mouse Bush's government has the brains to try to turn the economy around so attached are they to a Bourbon ideology. Paul O'Neill understood but Bush threw him out on the street, and did much to tar and feather his reputation. Throw the bum out of his job!
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