Wednesday, July 15, 2009

Paulson & Company
I think the revisionist historians are too quick to point a finger at Henry Paulson, the Treasury Secretary last fall when the world's economy almost imploded on itself. It is my opinion that the work of Paulson, Fed Chairman Bernanke, current Treasury Secretary Geithner (who was President of the New York Federal Reserve Bank during the crisis) and others helped save the economy. They made up the rules as they went along due to the dynamic environment that gave little precedent with which to work. Things could have been much, much worse without the financial expertise and Wall Street experience of Paulson. I hate to think what things would have been like today if either of the two previous Treasury Secretarys, John Snow or Paul O'Neill, had been at Treasury last fall. What sparked this post, the announcement of a bi-partisan probe into the financial crisis, will likely yield little new information.

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