So, why does he lie? He says "It takes a crisis to get something difficult and unpopular done". He's referring to the debt ceiling, but that's not difficult to raise at all. What is difficult is cutting the govt. behemoth. Is Paulson playing in the Titanic band because panic wouldn't help anything?
It's kinda like the Thatcher line about socialism: Sooner or later we will run out of people dumb enough to loan us money.
I'm wondering if people aren't starting to realize that we're about to run out of dumb people.
Paulson was at Treasury under Bush. He’s also a former banker. Defending Bush and bankers. Normal biases that everyone carries. I’d be a lot happier if he said there is too much gov’t we can’t afford, get the gov’t out of the economy, and let the too big to fail, fail.
We ran out of dummies the day that the first QE started aka printing money. Most of the money we owe to ourselves. If another entity calls the loan and cashes out, we’ll just pay them off out of this voodoo stash. People who have done this in private sector are in jail. I bet it’s all in an Excel spreadsheet and they just tweak the numbers to balance with a bucket called slush fund.