Friday, October 10, 2008

Greed vs. Fear in Halls of Power

"Fifty people in a room can break the financial fever," at least one CNBC expert suggested such. He added, "the government has the power to correct it quickly."

That the crisis deepened over a three period means what? Did the government not do the right things? Did the big money boys hold their cards, upping the ante with each government giveaway?

Greed got our economy into a precarious position. The Ghost of Credit Past visited Wall Street in September. Imposition of payment for past sins sent the big money boys into an underwear soiling panic. They fled to Hank Paulson for help. Once safe behind the tall bureaucrat, the big money boys noticed Paulson's fat wallet. Greed set back in, but the Ghost lingers....