Remarks From Remarksman

October 14, 2008

Where Are The Handcuffs?

Filed under: Uncategorized — BrianB @ 6:08 pm
Tags: , , , ,

Treasury Secretary Henry Paulson has finally taken a cue from the Europeans and figured out that it might be smarter to buy stock in the ailing banks than to just buy up the toxic paper. It only took him, what, two or three weeks to figure that out?

I am still waiting for the FBI to march tens or hundreds of the bankers and brokers who engaged in deceptive practices down Wall Street in handcuffs, but, not surprisingly, that does not seem to be a priority for Secretary Paulson (ex-CEO of Goldman Sachs) or the Bush Administration. Instead, we have the previous heads of Fannie Mae and Freddie Mac leaving with a combined $9M in severance packages.

A post at The Big Picture, based on Kate Wellings’ work, provides a time-line of quotes from Secretary Paulson clearly showing that he is either totally incompetent, or a compulsive liar. I’m not sure which is worse, but as Kate Wellings says,

In short, any jot of credibility that the Secretary may have had surely cannot withstand this inarguable evidence of aberrant thinking; the inconsistency alone is staggering. These quips run the full gamut from puerile denial to deliberate understatement to bald-faced demagoguery, right on down to yesterday’s call for patience. Suffocated by his unabashed, unprincipled and incessant manure-spreading, I honestly wonder how the heck it is that we are not on the WH lawn – right this instant – pitchforks in hand.

One of NPR’s news pieces this morning was about a coupon-clipping queen. Why wasn’t it about Senate investigations? FBI findings? We’re supposed to stay calm, clip coupons, and wait for Paulson and Bush to sort out a fix?

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