Monday, May 25, 2009

Hank Paulson - A Legacy Blunder

Interesting Newsweek article that seems to attempt to make Hank Paulson a goat and Bernanke a hero. Old posts show my disgust with Paulson and thinking that he was not that intelligent. Personally I think Bernanke may be worse though his IQ is probably off the charts. I truly believe he is taking us on the road to ultimate destruction. We have not crossed that threshold yet but if just throws more money at the problem when what has been thrown doesn't work we will cross that threshold. Goes back to the Ludwig Von Mises quote I posted from several days ago.

Anyway, interesting read on the collapse of Lehamn and Hank Paulson involvement and legacy.

Hank Paulson, former master of the universe, sits in a nondescript office in northwest Washington, D.C. He is trying to work on his memoirs, but he is struggling. He doesn't seem like the onetime All-Ivy tackle at Dartmouth, the Harvard M.B.A. who ran Goldman Sachs, the prince of Wall Street who went on to be come secretary of the Treasury. He comes across more like an athlete who has lost a game and can't stop talking about the dropped pass, the missed shot. He is trying to explain the weekend last September when Lehman Brothers went down—and the financial world collapsed.

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