Although Congress loves to grandstand about oversight, it has thus far shown no courage to interfere, or even question, the change in strategy. Paulson claims that he is simply rolling with the punches. The truth however, is that the original plan was flawed from inception, as I clearly pointed out in a string of commentaries following his proposal. How could the Treasury Department, with all its funding and PhD’s, not make similar predictions? Paulson is either a liar or completely incompetent. My guess is he is both.
Congress is proposing policies to prevent the market from making necessary corrections to stabilization. Why? They think they have to intervene or, otherwise, they will be construed by the citizenry as ineffective, bumbling and unnecessary, but their meddling is validating the conclusion that they are exactly that.
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