A Financial System On Steroids
There's a desperation evident in the financial halls of Washington politics, in place of the pleasantries and genteel quiet of the Greenspan years. Treasury Secretary Henry Paulson has all but come unglued in his desperation to cobble together rescue packages that will keep the day of reckoning from being reckoned with.
For their parts, SEC chairman Christopher Cox and Fed chairman Bernanke drum their fingers, sweat and try to oil the troubled waters of Wall Street. Unfortunately, oil is off the map at $140, plus or minus.
These three are trying to bail the boat of the last bubble they permitted while the next fraud bubbles up through a rotten hull.
Reagan's rising tide that lifts all boats has turned to a tsunami.
(Neil Irwin, Washington Post, July 8, 2008)
Two top regulators reached a formal agreement to coordinate their oversight of Wall Street yesterday, as the government attempts to build a new system to guard against a meltdown of the financial system.
Leaders of the Federal Reserve a…