He took
.
"No, that's not an ace up my sleeve."
"(it's three aces and a pair of eights)"
Posted on 09/16/2009 7:38:51 AM PDT by freepersunite
Fascinating details of last years financial bailout have emerged in a new book by a former White House insider. The Bush administration felt that the Treasury Secretary, Hank Paulson, kept changing his proposal leaving the President to demand: "You’ve got to tell me what you’re doing.”
(Excerpt) Read more at spectator.co.uk ...
Bush got hustled on this one. Why Paulson isn’t under indictment is beyond me.
Bush placed great emphasis on loyalty, I believe. But many of the people who worked for him did not return the favor.
Bush should have had some loyal insuders who knew Wall Street. His old man was friends with Nick Brady who had run Dillion Read. Bush had no clue what was going on with hedge fund shorts.
Paulson was a member of the Goldman Sachs mafia where his first loyalty was.
I expect there is quite a story to be told surrounding this matter. It was apparent that when, on a couple of consecutive mornings, W walked outside the White House and read hurriedly from a piece of paper, that he was not confident in what he was reading. I’ve always thought there was a significant Goldman, Sachs preservation plan tucked away in the bailout plan. - More story to be told here.
. . . the main risk indicators only took off after Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke's TARP speeches to Congress on Sept. 23 and 24—not after the Lehman failure.
I despise that slick headed Paulson and lay the TARP bill monstrosity on him however Bush let himself get rolled in his waning months by this cretin. Still suspicious that the financial crisis was timed deliberately with the election in 2008.
McCain was ahead in the polls at this time last year!
My thoughts exactly. Also, I've never heard a convincing explanation of who pulled the $550 billion from money market accounts and were it went. It's difficult to believe that it was all an accident.
The financial meltdown consisted of several different aspects with an urgency to stop the bleeding the first priority.
At the time, there really wasn’t the luxury of time to consider how to proceed.
The headline is totally misleading, as usual.
Bull...
They chose to bail out the people who were knee deep in the fraud. They could have made credit available to the market but not through the bad banks and there were plenty of alternatives available.
Waterboard Paulson, Bernanke, and Geitner. Then you’ll find out the truth.
~~Given his previous imaginations, no clue if true .. PING!
LOLOLOLOL
.
"No, that's not an ace up my sleeve."
"(it's three aces and a pair of eights)"
This is why Lehman was allowed to fail. They did not have the authority and had already stretched what they did have beyond legal credibility.
It was not until after Lehman when Paulson went to Congress that they received the authority to act beyond the banks into the money markets and investment houses who held most of the bad paper that was choking the system.
In my humble opinion.
There was one other issue that was blocking attempts to stabilize things during the Bush admin, and that was the transition and the confusion resulting from it. This caused many delayed actions.
I know about this, because I lost my shirt!!! Bigtime for me. It knocked me out of the markets and I only recovered a percentage of it this year before closing my investment accounts.
Nooooo......
Cut off their membership to the country club and they will really sing for you!!!
I’m not sure Paulson understood it.
LLet’s see DEMOCRAT Paulson creates a situation that wipes out Lehman, because of Goldman’s HUGE AIG exposer gets them covered, has fellow DEM Buffet buy into his Goldman with outside cash and does nothing to get the toxic assets out of the system to free up credit. The source ofthe underlying investments for the derivatives, mortgages made based on reduced underwriting “standards” continue to this very day.
You nailed it.
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