And now, essentially the same species of greed and deregulation has us in today’s "Credit Crisis".
Point person in this new orgy of taxpayer bloodletting, Secretary Paulson—the man who last week got down on one knee in front of Nancy Pelosi to beg her not to "blow up" the bailout deal by withdrawing Democratic support...what about his trustworthiness?
Before becoming Treasury Secretary, Henry Paulson was Chairman and CEO of Goldman Sachs for 8 years, where he pulled down a paltry $1.5 million—a month! Goldman Sachs was the country’s biggest investment bank before the recent takeover (and is suddenly doing much better thanks to Paulson’s "intervention"). While commanding Goldman Sachs, Paulson was deeply involved in creating exactly the kind of "toxic waste" that now has the financial markets melting down. With this in mind, consider again the awesome hypocrisy in Paulson’s statements last week:
"I’m not only concerned, I’m angry about the things that got us here. It makes me angry, and it makes you angry. You talk about taxpayers being on the hook? Guess what? They’re already on the hook. If the system isn’t stabilized, they’re going to bear the cost."
And.
"The American people are angry about executive compensation, and rightfully so. We must find a way to address this in the legislation."
Also, in Paulson’s acknowledgement of "‘excesses’ in executive compensation"—while saying debate on that should be put off for another time, because..."If we design it (the Bailout) so it’s punitive and so institutions aren’t going to participate, this won’t work the way we need it to work"...do you sense any trustworthiness?
Tiberious Caesar once said, "I want my sheep shorn, not shaven."
Obviously, our corporate government wants the American flock skinned...at least.
Rand Clifford is a writer living in Spokane, Washington, with his wife Mary Ann, and their Chesapeake Bay retriever, Mink. His novels CASTLING, TIMING, and VOICES OF VIRES are published by StarChief Press.
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