Sunday, November 30, 2008
Experimentation?
CNN's new Sunday morning show "After Party" is an interesting format, well done and solid. Instead of the usual cacophony of simultaneous talking-point-heads, they give half the show to an R group, half the show to a D group. Great idea, hope they can keep it running.
This morning on the R half of the show, someone said:
"Geithner and Summers will probably continue Paulson's experimentation... they will keep experimenting with various solutions to the economic problems."
Experimenting is wonderful when you really don't know what works. In this case we do know what works. FDR showed us. Close the banks long enough to check them out. Leave the dishonest banks closed, and re-open the honest ones with new strict regulations. Jail the seriously dishonest bankers.
What we have now is not actual experimentation, but a classic "dazzler act" full of smoke and mirrors. It's a continuation of the Credit Default Swap fraud: make the process complicated, keep things moving and changing, whipsaw the audience in five different directions. The net result of Shotgun Paulson's manipulations at the government level will be the same as the net result of Shotgun Paulson's manipulations within Goldman Sachs. His own buddies and his Chinese connections will gain vast riches before anyone else can figure out what's happening. ¶ 11:28 AM
This morning on the R half of the show, someone said:
"Geithner and Summers will probably continue Paulson's experimentation... they will keep experimenting with various solutions to the economic problems."
Experimenting is wonderful when you really don't know what works. In this case we do know what works. FDR showed us. Close the banks long enough to check them out. Leave the dishonest banks closed, and re-open the honest ones with new strict regulations. Jail the seriously dishonest bankers.
What we have now is not actual experimentation, but a classic "dazzler act" full of smoke and mirrors. It's a continuation of the Credit Default Swap fraud: make the process complicated, keep things moving and changing, whipsaw the audience in five different directions. The net result of Shotgun Paulson's manipulations at the government level will be the same as the net result of Shotgun Paulson's manipulations within Goldman Sachs. His own buddies and his Chinese connections will gain vast riches before anyone else can figure out what's happening. ¶ 11:28 AM
