Wednesday, May 31, 2006

Denouement For The Snowman

Quick take on Hank Paulson: a good choice. I was concerned that Bush might have a Miers relapse and go with someone like Don Evans, but sobriety prevailed. Paulson will provide some much-needed street cred to balance Ben Bernanke's manifest ivory tower naivete.

Here's the problem: implicit (and often explicit) in media reports on Paulson is the assumption that to succeed where Snow failed, Paulson will need to be a better "salesman" for the White House. In other words, his job will be to convince these people that they just don't get it. If Paulson simply picks up where Snow left off, the results won't be pretty. Snow elicited knee-slapping belly laughs on Wall Street trading floors every time he deadpanned "we favor a strong dollar," and so will Paulson if he takes to the airwaves with absurd platitudes about "our economic miracle." Better to just keep quiet and maintain a vestige of credibility for when it's really needed. I know, I know....what are the chances of that? There's only so much Paulson can really do; under this administration, Treasury's emasculation has left it as little more than a cheap marketing outfit, and the die is cast for the dollar. But I can't believe Paulson would take the job to become a caged parrot, and my guess is that he accepted only with preconditions of his own.

We'll see.


Blogger kaimu said...


Did anyone even read the Bush speech given at the appointment of Paulson? Talk about la-la land ... I was wondering if Winnie The Pooh would come bouncing out wearing a t-shirt with the words "Bring Em On!" ... Just how many Wall Street Goldman Sachs mafioso do we need in the White House? Or as Bill Cara calls them ... "Gambino Sachs"! Good old Hank leaves $38million per year to come work at the White House for $200,000 ... What a charitable guy ... Mother Theresa would be proud! Then Bush has the audacity to compare this guy to our Founding Fathers? Our Founding Fathers would hang all these guys for treason in those days ... It doesn't get any more ANTI-CONSITUTIONAL than Goldman Sachs and the modern US monetary regime!

I take this appointment as a cry of financial desperation ... What Bush has done is appoint a "master manipulator" to run a thoroughly elitist bank manipulated government! Bahama and Cayman Island banks must be swelling with Congressional banking junkets ... as "We The People" line up to file for the banks new "debtors prison" bankruptcy laws!

What we need to do is clean house at all levels of BIG government and dismantle Wall Street in its entirety ... The game is up!!


5/31/2006 3:17 AM  
Anonymous Anonymous said...

I would love to know what was said/promised to get him to accept the job.

5/31/2006 8:25 AM  
Blogger Old Lady said...

Please explain why he dropped his job for one that pays pennies to his $10?

5/31/2006 1:55 PM  
Anonymous Anonymous said...

Thanx, TCR

5/31/2006 6:10 PM  
Anonymous Anonymous said...

I was not impressed by the sound bites from the Rose Garden-his job is to get us to beleive that all is grand with the great entrapenourial spirit? Puleeze-spin IS NOT reality!

5/31/2006 8:18 PM  
Anonymous Anonymous said...

You're right; Paulson is not an academic (like Bernanke). He understands global financial markets in the real world. I understand that he is also known on a personal level by the powers that be in the countries that we depend on to finance our profligate spending (Japan, China, Saudi Arabia etc.). I believe Paulson was installed to manage the inevitable decline of the dollar; preferably to avoid a crisis situation or, if necessary, to lead the response to one should it occur.

5/31/2006 10:27 PM  
Blogger Laura said...

I was reading online, and the Capital Research Center did a newsletter about Hank Paulson was the Chairman of The Nature Conservancy.

You can read the entire newsletter here:

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