What a coincidence. A former Goldman Sachs guy now working for Paulson, who worked at Goldman Sachs. What are the odds? And he's a key housing adviser to boot. But here's the best part... he's a seasoned Wall Street vet, full of wisdom and brimming with leadership... all at 35 years old. I feel better about this plan already. Surely the markets will bounce back after this injection of confidence.
If anyone had any doubts about this bailout being for the favored few banks before, those doubts should be completely erased in the next couple of weeks. I'm sure my $6000 part of this will be invested where it can do the most good.
I'll put it to you this way... On a big fire, we have Incident Commanders. These guys (and one gal) are responsible for up to 2,000 people in an incredibly dynamic and dangerous environment, spend anywhere from $1-3 million a day, have to manage multiple aircraft in a very small space, and have a minimum of 25 years experience. I would feel more comfortable with any one of them then with a Goldman toady because they've already proven beyond a doubt that they serve the country and not their friends or themselves.
Seems pretty logical to me. They need someone who understands all this stuff, so they'd be picking someone from one of the Wall St-affiliated companies. They need someone quick, in the interim, so they pick someone Paulson already knows and trusts. The guy seems fine to me, as far as I know.
What happened to them recently? Oh yes, they became one of many regular banks. Still, the added cachet of barely escaping oblivion will impress people when they use their Goldman-Sachs discount credit card with a limit of $1500.
again...you do know they are cream of the crop? they have the best traders out there. if we don't use the best and brightest to get out of this then we will be doomed to a much more painful recession. you seem like you would prefer we use someone who has no clue about what we are dealing with.
Granted we need someone who knows what they are doing. It just looks bad to appoint someone from Paulson's own company. It should be another company. Maybe someone from Lehman, since Paulson let them fall. Paulson and this guy should not be allowed to profit from this bailout. As a possible example they should be required to be divested of all possible interest in financial stocks and prohibited from working in the industry for 10 years or something. No profits in a so-called blind trust like Cheney profiting from Halliburton.
I think they should have gone all in and appointed Donald Rumsfeld to handle this. Wall Street would greet us as liberators.
lol..not work in the industry for 10 years??? I'm sure he has to be divested of the market or more likely, all his investments are in a blind trust. If you don't believe the trusts are really blind, then the beef should be with the trustee, not some guy who is forced to put his $ into a trust. As an aside, really all senators/congresspeople should be required to put their $ into blind trusts. I thought it was already like that until I read some rant about Pelosi's investments. I guess that could discourage some people from wanting to be in government though...
If you took away the ability of these people to profit off of fixing the economy they would have no desire to do it. These people are not country first.
Well to be clear, they shouldn't be able to profit of their job while they hold it. But if the guy makes $ b/c some company hires him as a chairman or he earns sick speaking fees, then I don't see what you can do otherwise how do you entice people to take such a high profile/hated position.
Well my point was that if you tell him he can't get into the financial sector for 10 years after this and has to divest all of his money, etc. then he is sort of in a crappy position. He gets to help save the economy (allegedly) and then he can't benefit from the rise? Why would he want to do that?
The 10 years was an example. This is the type of job that requires a patriot, not someone trying to make a quick buck. It is the folks who are mainly oriented in making a quick buck that got us into this mess and I don't think that type can be trusted to fix it.
