Monday, March 31, 2008

Paulson Plan

I think this quote from Secretary Paulson is just fantastic:
We need regulation, but if we have it, it should be just structured in a way that it has some way of being more effective.
Now, I'm not really sure I believe in more regulation for the financial markets (though at the same time I do believe that what makes the US markets great is the fact that there are fixed rules that, by and large, everybody plays by -- trust, in a word). And I'm even sympathetic to the idea Paulson goes on to discuss in this interview, that NO regulatory structure will prevent a meltdown from happening every so often in the markets. But, for the love of god, the government is even now in the process of bailing out Wall Street, and here you've got a Bush administration that is going to use the opportunity to advance what everybody agrees is an "ideological agenda". Why do we think that putting the guys who don't believe in regulation in charge of the regulation is a good idea? The language of the quote express this perfectly.

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