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November 2008

Recs

7

While You Were Sleeping...

November 10, 2008 – Comments (0)

So much has been made lately about the "smartest guys in the room" - namely Bernanke, Paulson, Geitner, etc. - and how they now have a handle on how to deal with the financial crisis.  Never mind that they were asleep at the wheel for the last 12+ months, just ignore the fact that everything they have tried over the last year from huge liquidity injections to rate cuts to hundred-billion dollar bailouts have done nothing to slow the deterioration across the financial spectrum, if not made things much worse.  Just pretend you didn't hear them say 35 times that the fundamentals of the economy were strong and the problem was contained.  Just "trust them", as it seems that is the position Congress has chosen...  [more]

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