Centerfield

Credit In Trouble - IMHO Mr. Paulson's Fault

It's official - the credit markets are also unhappy.

Given that Paulson has no authority to issue money, and he raised the Street's hopes on the bailout, I blame him for the resulting economic trouble. For something so important, he should've worked alot more closely with Congress and gotten support BEFORE opening his big mouth about a 700B bailout. In our Constitution and every other Anglospheric democracy, the Congress and the Congress only that allocates money. Bush remembered this in his last crisis, and consulted with the leadership on 9/12. Congress even woulda helped with explaining the plan to the public, so it wasn't so unpopular. But, no, he had to do it all himself, with, hmm, all the power going to him, too.

I'm one of those who also want a better bill, something Paulson's try at Little Dictator has made all too hard. This is a complicated problem that's very important to get right, and there is no way of writing a good bill on something like that quickly, because lots of inputs and thought are needed. If he'd done it right, we'd probably be getting close to an agreement on something tons better.