New Treasury Secretary Channels Paul Krugman
Bush's new secretary of the Treasury, former Goldman Sachs CEO Henry Paulson, said in his first public remarks since taking office that he recognized the economy was not benefitting all Americans That's quite an understatement -- as Paul Krugman made abundantly clear in a 2002 N Times Magazine essay -- but for a Bush appointee, it was a hell of an admission .
Bush’s new secretary of the Treasury, former Goldman Sachs CEO Henry Paulson, said in his first public remarks since taking office that he recognized the economy was not benefitting all Americans.
AS CHAOS UNFOLDS, FIND SOLID GROUND…N.Y. Times:
Treasury Secretary Henry M. Paulson Jr., delivering his first public remarks since taking office last month, pledged today to work with Democrats to revamp Social Security and Medicare, and in a gesture aimed at Bush administration critics he said he recognized that the economy was not benefiting all Americans.
?Amid this country?s strong economic expansion, many Americans simply aren?t feeling the benefits,? Mr. Paulson said in a speech at Columbia Business School. ?Many aren?t seeing significant increases in their take-home pay. Their increases in wages are being eaten up by high energy prices and rising health care costs, among others.?
It was a somewhat unusual concession from an administration that has spoken only glowingly of recent economic gains and has generally joined with Republicans in Congress in dismissing Democratic concerns about growing economic equality in the United States as ?class warfare.?
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Surely we don’t get to gaze upon the fate of our own species through the lens of the Prime Directive. On the contrary, surely it is our duty to intervene and to do so on an urgent basis.
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It is not true, as a Wall Street Journal reviewer claimed, that the HBO movie version of Andrew Sorkin’s book “Too Big to Fail” was “Too Boring to Watch.” On the contrary, the problem with the film, as with the richly anecdotal book, is that it is all too effectively misleading. Perhaps the main value of the book and film is the instruction they provide on the limits of mainstream journalism in the decade that led up to the meltdown.
Does the name Neel Kashkari ring a bell? Think way back to the year 2008, when the word bailout was just entering the vernacular in relation to Wall Street, not prison, and when Henry Paulson was still in charge of the Treasury Department.
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