US treasury won't purchase toxic debts after all

Speak of back peddling, US secretary of the Treasury Hank Paulson announced the US government won't purchase toxic subprime mortgage debt, as collatoral for bank bailouts. It is bad enough, Paulson has proven inadequate in the face of the worst economic crisis since 1929 [dixit John Thain Merrill Lynch CEO and former Goldman Sachs buddy of Paulson], but he has done everything to feather the incompetence of the investment banking industry with the promise of government largesse. Paulson's days are numbered at the Treasury and his band aids for the growing recession have become the joke of the day. He's willing to let AIG gobble up US$bns as executives of this assurance company waste millions on junkets and selfish pursuit, but he won't funnel money to GM and Ford. Is this surprising? No. Let's not forget, Paulson is the financial wizard who let Lehman fail without stopping to think that it was the largest vendor of commercial paper, and that it's bankruptcy would throw a spanner in the world's financial markets. Which it did, and accelerated the recession everywhere globally. So we dealing with not with a rocket scientist in finance but a small town banker who even with specs sees hardly the tip of his nose and even that hazily. It's time he's gone, and for good!