Stormy over at Angry Bear takes a quick look at Paulson and his bloviatiing. Here ‘s the teaser quote:
Foxes in the hen house? And where were the foxes before March 2008? Smiling? Or try this one:
Financial markets in the United States have developed into world class centers of capital and have led financial innovation.
Paulson gives a nice pat on the back for our “centers of capital” that have “led financial innovation.” Wonder what members of the committee inserted that one? Yes, yes, the industry leaders we now have to rescue. But marvel, please, at all those financial innovations. And I just cannot get my head around the next one:
Now, however, maturing foreign financial markets and their ability to provide alternate sources of capital and financial innovation in a more efficient and modern regulatory system are pressuring the U.S. financial services industry and its regulatory structure.
Read the whole thing; pretty good stuff as usual from those guys.