Wednesday, November 12, 2008

Hank Is Looking Harried!

Henry Paulson (Treasury Secretary) spoke to reporters today, apparently acknowledging through his "newer" plan, what many in the financial sector have said from the beginning...using taxpayer money to purchase toxic assets isn't the wisest course of action. He stammered over his words as he relayed a "capital" injection procedure designed to revive banks in return for a federal grubstake. This morning revelation was to give a little accountability on the $700 billion TARP money.

Paulson defensively said: Well, let me get to the -- what we -- what we said to Congress was we needed a financial rescue package because the credit markets were stopped up and we were focused on the problem and the -- and when we went to Congress, illiquid assets looked like the way to go. As the situation worsened, the facts changed. The thing I'm grateful for is we were prescient enough and Congress was that we got a wide array of authorities and tools under this legislation. And I will never apologize for changing an approach or a strategy when the facts change. I think the apology should come the other way, if someone doesn't change when the facts change. So we -- I think we moved quickly, we moved powerfully to address the situation as it -- as it exists.

Whew! That was poignant. Now when he used the word prescient, was he going for definition 1.) human prediction of the course of events or 2.) divine omniscience? I just wish he had worked that mojo a little earlier in the crisis. Oh well, at least he is taking suggestions. I guess we should cut him some slack since he is showing signs of fatigue or guilt or both. No one in his/her right mind wants the czar of our economy to be wrong...except maybe our enemies. How is that investigative report coming? You know, the one that is to disclose the paper trail and the unscrupulous types on Wall Street, via the FBI? Obviously, they too thought they were prescient.

May God bless America...and may America deserve it!

Zanne Booker 11-12-08

Note: It is our regrets which hound us to the point of sorrow. It is our guilt which plummets us into deep despair.