The new, inescapable conclusion — thanks to the passage of time, of course — is that Wall Street and Main Street would be better off today had the power troika of Henry Paulson, Ben Bernanke and Tim Geithner (at the time, Treasury secretary, Federal Reserve chairman and president of the New York Federal Reserve, respectively) let the 85-year-old firm fail outright instead of crafting their clever rescue.
The bottom line according to Cohan is that these free market capitalists should have let the market work, and let Bear Stearns go belly up in early 2008. That would have chastened the other banks and forced them to get their houses in order. The recession could have been avoided. Instead, the wealthy, greedy bankers got socialism at the expense of the whole country, actually, the whole world.
Giethner is now Secretary of the Treasury, and Bernakke is still the Fed chief. This is more "change we can believe in," Obama style.
Oh, and Obama is keeping Bush holdover and warmonger Gates as Defense Secretary for another year. Yes, more "change we can believe in."
Yea, right.
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