Paulson regrets mistakes on economy: Financial News - Yahoo! Finance


Paulson regrets mistakes on economy: Financial News - Yahoo! Finance: "WASHINGTON (AP) -- Treasury Secretary Henry Paulson on Thursday expressed regret for the many errors made that led to the biggest financial crisis in seven decades, but he insisted the administration is pursuing the correct course now to end the debacle.

'We're not proud of all the mistakes that were made by many different people, different parties, failures of our regulatory system, failures of market discipline that got us here,' Paulson said in an interview on Fox Business Network.

But he said he had 'no regrets' about the steps the government is taking now to address the problem.

'We will mitigate the impact on the real economy and we'll get this financial system working again,' he said."

I really don't get why we have the guy who caused most of the trouble - at the very least signed off on it all - in charge of fixing it. Why don't we get one of those guys that warned a couple of years ago about the inherent insecurity of letting firms leverage themselves 30:1? How does Paulson go from dumb to smart so fast? (Well, obviously, because the people above Paulson have even less of an idea what is going on.)

The markets clearly have no confidence in him - they are jumping up and down (mostly down) as crazy computer models trade like mad with no actual data to guide them.

This whole thing won't settle out until a proper accounting has been done and the real value of these crazy bonds has been identified. Nothing Paulson has done is speeding that process along.

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