When the serious condition of the markets were explained to the leaders of Congress they were shocked. Of course. They have been listening to the one guy, Treasury Secretary Henry Paulson, who has been consistently wrong and who kept reassuring them he had a handle on the problems.
Dean Baker - Paulson Missed the Bubble and Understated the Financial Crisis at Every Point.
Of course Paulson is not the worst - how about one of McCain's economic advisors who one week ago wrote in an article criticizing Obama and the media: "we're on the brink not of recession, but of accelerating prosperity... anyone who says we're in a recession, or heading into one -- especially the worst one since the Great Depression -- is making up his own private definition of "recession." And probably for his own political purposes... when it comes to the economy, we have surely become a nation of exaggerators." He is also the incredibly stupid economic writer at the National Review. Donald L. Luskin is also a liar or a fool or both. He once included in a speech attacking Krugman, and about meeting Bush and agreeing with his tax cuts, that "I'm not a Republican and I don't think of myself as a conservative."
Tags: Paulson, Congress, Treasury Secretary, bailout, crisis, blank check, economy, Wall Street
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