Intuitive blogger wrote Jun 25, 2007:
>> I think we're on the brink(about two weeks away)
>> from an economic breakdown -- a depression as
>> close to the 1930's. I am not an economist but
>> I have read enough on the web to judge this is
>> happening and am writing this down before it happens.
HENRY PAULSON: --Well, what I would say is I won’t bet against the American people. We’re an entrepreneurial people, a hardworking people, and we will work through this. We always do. I wouldn’t bet against the American people, and I wouldn’t bet against the long-term fundamentals of this country. But this is a humbling experience to see so much fragility in our capital markets and to ask, “How did we ever get here?”---
The US government last night urged other countries to follow its model of bailing out stricken banks after Treasury secretary Hank Paulson unveiled an unprecedented $700bn (£380bn) rescue plan to prevent a collapse of the financial system
| | |
The proposal would allow the Treasury to buy up "toxic" mortgage-related debts from financial institutions, including US arms of foreign banks, to try to stem the worst financial crisis since the Great Depression. With Congress set to vote this week on the emergency legislation, Mr Paulson took to the airwaves, warning that the massive bailout was the only way to avoid catastrophe and that other countries must take similar measure. "We have a global financial system and we are talking very aggressively with other countries around the world and encouraging them to do similar things and I believe a number of them will," Mr Paulson said.
However, Prime Minister Gordon Brown looks unlikely to follow suit, with a Treasury spokesman saying: "We're not working toward implementing a US -style resolution regime. But the Prime Minister and the Chancellor [Alistair Darling] have made clear that we will take whatever action is necessary in the interest of financial stability."
Mr Paulson and Fed chairman Ben Bernanke have taken the drastic measures in an attempt to stem dramatic losses caused on Wall Street by the collapse of investment bank Lehman Brothers and demise of AIG, once the world's largest insurer.
http://209.85.173.104/search?q=cache:eU9a_KRbNT4J:www.telegraph.co.uk/money/main.jhtml%3Fxml%3D/money/2008/09/22/cnpaulson122.xml+inancial+Crisis:+US+calls+on+world+to+save+banking+system&hl=en&ct=clnk&cd=1&gl=us
And we, the tax payer are going to pay $2324.50 for this:
$700,000,000,000divided by
United States Population: 301,139,947 (July 2007 est.)
EQUALS $2324.50 collected for every man woman and child.
(thanks to patrick.net)
http://patrick.net/housing/contrib/paulson_home.html
Need a Job? $17,000 an Hour. No Success Required.
By NICHOLAS D. KRISTOF
Published: September 17, 2008
Are you capable of taking a perfectly good 158-year-old company and turning it into dust? If so, then you may not be earning up to your full potential.
You should be raking it in like Richard Fuld, the longtime chief of Lehman Brothers. He took home nearly half-a-billion dollars in total compensation between 1993 and 2007.
Last year, Mr. Fuld earned about $45 million, according to the calculations of Equilar, an executive pay research company. That amounts to roughly $17,000 an hour to obliterate a firm. If you’re willing to drive a company into the ground for less, apply by calling Lehman Brothers at (212) 526-7000.
Oh, nevermind.
I’m delighted to announce that Mr. Fuld (who continues to lead Lehman since it entered bankruptcy proceedings this week) is the winner of my annual Michael Eisner Award for corporate rapacity and poor corporate governance. The award honors the pioneering achievements in this field of Mr. Eisner, the former Walt Disney chief.
http://www.nytimes.com/2008/09/18/opinion/18kristof.html?_r=2&oref=slogin&oref=slogin
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