Yes, Paulson was a disastrous choice for Treasury Secretary. Bush has made some awful blunders in his appointments, and in his failures to clean house.
But I would read it slightly differently, I think Paulson did a lot of this on purpose, especially his sudden announcement of the bailout crisis. He did that to elect Obama, and to work for the powers behind the throne who want to wreck the economy and pick up the pieces cheap.
Bush’s mistake was not to select someone stupid for the treasury job, but but to once again select someone disloyal to him and to our country. Paulson didn’t get to be CEO of Goldman Sachs by being stupid.
“He also notes Paulson steered Goldman Sachs into subprime and alt-A mortgage securities before becoming Treasury Secretary in 2006. Goldman began shorting those instruments shortly after Paulson’s departure, he notes.”
Just the guy we want handing out evaluating toxic paper and buying it with our money borrowed from overseas!
Actually, we might be fortunate that the foreigners are making the calls now and ordered Bush and Paulson to drop the buying of toxic financial waste and instead buying bank shares.
On the dark side, since the Europeans now have special rights to look at the books of American financial institutions, but we Americans do not, they will have a heads up on what’s going down. Thank you deregulation cultists!
I think the demonizing of President Bush in 2000 has brought us to this end.
Everyone must remember that this is a GLOBAL CRISIS!
http://www.financialarmageddon.com/
That crash came in 1873 and lasted more than four years. It looks much more like our current crisis.
Have you ever noticed that whenever Hank Paulson shows his face on television, the stock market tanks at least 100 points?