Krugman says, "Wait just a danged minute there, Paulson. You've been telling us everything was just fine for the last two years only you were lying and now you want us to trust you and pass really strange regulations right this minute? I don't think so!"
OK, I paraphrase. But keep in mind this simple fact...These people want your tax money to pay for their mistakes... And they want your house, too.
Just remember that John McCain and his boys are right in the middle of this mess. McCain's buddy, Phil Gramm introduced the legislation, McCain co-sponsored it and it passed through the Republican dominated Senate, with all but one Democrat voting against the bill, which essentially removed oversight and regulations and allowed big financial intitutions to buy each other out, cut staff and increase profits for a short time. Remember Paine Weber? Got bought by a Swiss bank, UBS, thanks to Phil Gramm's bill. Gramm left the Senate and went to work for...wait for it...Swiss Bank, UBS.
Yeah...Convenient, wasn't it? Made one of those CEO compensation packages we hear about so much, and now he wants you and I to save his sorry ass...
And John McCain wants to make him Treasury Secretary?