Monday, 22 September 2008

Whither, whither/Dump Paulson

So many opinions, so little time. My synthesis:

Paulson and Bush are not going to get away with an Iraq-style invasion of the capital markets with taxpayer money. The idea of seizing the state treasury to bail out rich bankers (and the guy down the street who bought a great big house he couldn’t pay for) is generating a populist reaction that threatens to turn into a tidal wave.

On the other hand, they will get the go-ahead in some form. However. . . .

It may not work. Then what?

Next chapter: run on the hedge funds.


Facts about Henry Paulson:

Became Treasury Secretary on May 30, 2006, leaving position of CEO of Goldman Sachs, Wall Street brokerage house now scurrying for protection from the Mommy State.

Previous Goldman CEO was Jon Corzine who resigned after buying the governorship of New Jersey.

Net worth estimated at over US$700 million.

Served as assistant to John Ehrlichman of Watergate fame in the Nixon White House 1972-73.

Traveled to China over 70 times during his days at Goldman Sachs to oversee transfer of American manufacturing base to that country in exchange for bonus billions for Wall Street. According to the Daily Telegraph, has ‘intimate relations’ with the Chinese elite—entirely appropriate given that they have joined together to merrily fuck workers on both sides of the Pacific.

THIS is the guy we are entrusting with our finances? THIS is the one who should get the $700 billion checkbook from taxpayers?

Who’s for firing this creep?

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