The more i hear him and the more i read about this man, the more i admire him and respect him to no ends. Here's a man who is working 24/7 to remedy this situation. He is a man of incredible intelligence and I apologize for ever thinking badly of him. This crisis is NOT his doings and yet he is busting his ass trying to make it right. God bless.
14 comments:
Totally agree,this man is hardcore.You can see in his face how bad the situation is and how tired he is from working to resolve it.His eyes are totally black underneath.
the us is lucky to have him in the job. he made his bones at gs- so what- best shop on wall street, and he is a true philanthropist w/ his money and time. I believe he has a high moral compass and is trying to do the best thing for the country. Seeing him have to interact w/ the clowns in congress is beyond frustratingly sad.
Stewie, pass me the coolaid you are drinking! It must be good shit to cloud your mind and have you thinking this is an honorable man.
I don't have the time to list all of my evidence, but I will say that there are for more inteligent folks than I who have provided me with a list of things HP has done while he was at GS and is now doing while being Sec Treas.
Will that drink make me look at GW Bush as the best leader our country has ever had? If it does, I will pay you $1,000,000 per cup.
MM
Great blog Stew, but I respectfully disagree.
This is no rescue, and this man is a criminal just like his boss and the other politicos.
Its the same warmed over argument that came from Hamilton. "Americans have to subsidize banks or else."
It is a reverse bank robbery. Banks get to keep the money they make and get the money they lose from the taxpayer.
The reward is privatized and the risk is socialized.
Paulson and the next treasury (banking whore) will now be a financial dictator who will have tremendous opportunities to screw the taxpayer and loot the treasury for his cronies for years to come.
This bankster and his pals will laugh all the way to their bank. Our country is rapidly turning into a banana republic.
:(
guys. I said some nasty comments about him after hearing the 700 bil tax bill but the more i see him on TV, the more i see how he is seriously concerned and he looks like hell(obviously not sleeping at night). He has worked every weekend to try and remedy this disaster. He also seems to really understand the situation and understands the potential consequences. I am also not of the 'shit talkin' types, so i felt very guilty. i wish him and all of us best of luck.
He caused this disaster with his friends (Bernanke, Bush), so this is the minimum.
One year ago they told to us: there is no subprime crisis, and now what?
joining the treasury was the greatest pay raise paulson could get-because of conlict issues, he was forced to sell all of his goldman sachs stock at record highs resulting in almost a half billion in prevented market loss-some people are just lucky
good luck next week-we're going to 7000
Most of us knew about the bad loans that were made and that there would be some fall out ahead. But the extent to which our banking system was leveraged was not apparent to most of us. It should have been apparent to Paulson.
The financial statements of BSC, LEH and AIG, etc., were all fraudulent, in that they did not say "we are worth $100B, BUT, if real estate goes down 25%, we are bankrupt". Going back to Kindergarten-level economics, if the "value" of an asset doubles in a short period of time, could it pull back 25%? (For those of you who haven't taken the course, the answer is yes).
If Paulson knew anything about how LEH, etc., were being run, then he had an obligation to head this thing of at the pass a long time ago. The guy is guilty of criminal neglect, as a minimum. (Bush is probably guilty of nothing, because he probably still doesn't really know what's going on.)
Hi Stewie,
Lehman Brother's collapse effectively became the catalyst which accelerated the credit crisis. If Paulson understands the situation as you so claim, then why did he allow Lehman to fail? Bear Stearns, got the get out of jail pass, but not Lehman - why ?
Bernanke, a student of the Great Depression, surely should have known the significant systemic risks posed by the failure of Lehman Brothers. So it confuses me to this day why they allowed this to happen.
Guys, if you really want to know the truth read this post at GTM
http://www.gamingthemarket.com/2008/10/end-of-monetary-system-videos.html.
Then watch all of the videos, when those videos are done, click on some of the other related videos.
You need to understand that the establishment of the Federal Reserve (which is not "federal" and is a "private" bank) is the root cause of our problems. You need to understand that we do not have a mathmatically sound currency system (fractional reserve banking using a fiat money always implodes and takes down the government with it). You can google North American Union and the Amero to understand what is the planned replacement.
You can google Patriot Act and see how they can now brand an "activist" as a "terriorist" and other methods of crowd control.
I could go on and on. My only hope is that we have an USA going forward, it is looking more like pre Hitler era with each passing day.
Trust me, I know how hard it is to accept that statemtent above. The majority of americans have been brainwashed by the media and failed educational systems. Time to start thinking for yourselves.
All I ask is to keep an open mind but to get off your butts and start researching this subject.
MM
I give him credit for all his hard work...but that is after the fact. Paulson is just as guilty as those other Wallstreet execs for his bad decision-making. He opened up the flood gates when he let Lehman go under...essentially telling the banks that the government will not step in for your mistakes. Now where are we? The government wants to backstop everyone. During a press conference on Friday, a reporter asked him about that Lehman decision. He hesitated and then said he stands by the decision because there were no buyers. BS. There were a ton of buyers (Barclays, KDB, etc.) if only they could get the same deal as JP Morgan. We now have bigger problems than Lehman but once the dust settles, I think history will look back at that period as a pivotal point in this crisis. If the government had just forked out 20-30 billion to guarantee the transaction with Barclays, we may have averted the current disaster...just as we did back in March when Bear Stearns was at the brink.
Stewie, I agree with you. At least he's trying to do something. If he was or wasn't part of the problem is of no importance at the moment. All you hear is people complain, like they have a clue of what needs to be done.Rather have someone who knows what was going on than some clueles politician pretending to know.
MM I saw your video links, what can I say. I guess your're the yin to the yan of Bill O'Reily/Fox News.
Alarmists at both end of the spectrum, though I will say your side is less dangerous since you hold no power.
Let's hope Obama brings the competence and reason our govt needs.
Regardless, the U.S. will survive, life goes on.
We are witnessing a GAME CHANGER event. When the dust settles we will not return to business as usual. This is a monopoly power grab and we are the ignorant victims. Paulson is the point man enabling this massive theft of your savings and your civic freedoms.
From www.gamingthemarket.com:
"Read our three most popular articles and you will be able to see who is pulling the strings and why they knew this would happen. When you dig into the history of the main players you will find a common thread of prime relationships: social, financial, and political.
For instance, Hank Paulson was Chairman/CEO of Goldman Sachs and on the board of governors of the International Monetary Fund which is closely tied to the Rockefellers who have the Rockefeller Center at Dartmouth where Paulson went to school. They also owned Chase Manhattan Bank which merged with JPM after Phil Gramm paved the way. They sit on the Senate Finance Committee and have guys like Timothy F. Geithner of the New York Fed in their personal think tank called the Council on Foreign Relations."
Anon, I am not sure if you were giving me a compliment or not.
I do have solutions for the banking problems.
1) Get rid of the Fed
2) Bring back actual money instead of this Fiat currency
3) Repeal all the bull shit laws that allowed banks to do more than business and home equity loans.
4) Restrict any financial company bank or otherwise from having more than a 10:1 leverage
5) take all CDOs, MBS, ARS and have them immediately marked to market. If that means some companies go belly up, so be it.
6) have all financial instruments trade on open exchanges where the counter party risk is minimized. This is includes the swaps that are taking down these markets and don't have a damn thing to do with mortgages as posted here a week back. I can't find the link but here is a CBS video clip that does the issue justice: http://www.cbsnews.com/stories/2008/10/05/60minutes/main4502454.shtml
7) It is time to get active by calling your CONgress sitters and letting them know that you are watching them and will work to vote them out of office.
I could go on.
As for the comment that we can't do anything about it, that is exactly the type of brainwashing bullshit the elite want us to have. But it is far from the truth. There are millions of us. Yes for the moment they have all the majority of our elected officials in their back pockets.
I respectfully suggest you not only start reading the efforts that Karl and others are doing to protect your financial well being, that you actually join us.
http://market-ticker.denninger.net/
Respectfully yours,
MM
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