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Tuesday, November 25, 2008

Paulson must go!

It is clear that the Treasury is flailing.

Mr. Paulson should go. He has let the country down badly.

In March the coming crisis was forseeable, yet when it hit in
September, Mr Paulson and his colleagues did not have a contingency
plan in place. The Treasury was dominated by Wall Street alumni so
when they did begin crisis planning, groupthink concentrated their
minds on saving Wall Street. Their blindness prevented them from
seeing that saving Wall Street led through saving Main Street.

They really need to keep the mortgages whole possibly through a widely
available shared appreciation plan, then the whole pyramid of phatom
securities would also be made whole.

Finally Secretary Paulson's recent refusal to consider taking steps to
aid homeowners in defiance of Congressional legislation renders him
unfit for office.

He must resign immediately.

Sent to the New York Times

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