Tuesday, September 23, 2008

Why should anyone believe Paulson and Bernanke?

They claim that the world will fall apart if the US government doesn't give them a $700 billion blank check (in a "clean" bill) by the end of the week. Given their record so far of analyzing the economy and predicting what will happen, there is absolutely no reason to believe them about this. We certainly shouldn't give people with their record of failure $700 billion.

If you think about it, the big failures are already out of the way. It doesn't look to me like we are on the edge of a precipice. We shouldn't allow ourselves to be steamrollered into a decision of this sort by Paulson and Bernanke.

Paulson especially. He was one of the villains. Were it not for people like him, we wouldn't be in this situation to begin with. Why in the world should he be trusted? And by the way, has he acknowledged his role in this fiasco? If he has, I haven't heard about it. The first step to healing is acknowledging one's failures. So far he hasn't taken that step.

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