“An open, competitive, and liberalized financial market can effectively allocate scarce resources in a manner that promotes stability and prosperity far better than governmental intervention,” Paulson said.
Contemplate that for a moment.
Now add this to your contemplation:
Section 8 of the proposed legislation says it all:
“Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.”
Right; “non-reviewable” supremacy.
Would you trust Mr. Paulson that much???
There are only two possibilities left:
1. Mr. Paulson does not have the foggiest idea what he is talking about.
2. Mr. Paulson is a puppet of the elite and all of this is a New World (Market) Order conspiracy, which will lead to the the destruction of the Dollar, the destruction of the middle class and the bankruptcy of the US.
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Henry Paulson, secretary of the U.S. Treasury, gives a speech on Chinese financial markets at the Shanghai Futures Exchange in Shanghai on March 8, 2007. Photographer: Qilai Shen/Bloomberg News
Sept. 24 (Bloomberg) — Eighteen months ago, U.S. Treasury Secretary Henry Paulson told an audience at the Shanghai Futures Exchange that China risked trillions of dollars in lost economic potential unless it freed up its capital markets.
“An open, competitive, and liberalized financial market can effectively allocate scarce resources in a manner that promotes stability and prosperity far better than governmental intervention,” Paulson said.
That advice rings hollow in China as Paulson plans a $700 billion rescue for U.S. financial institutions and the Securities and Exchange Commission bans short sales of insurers, banks and securities firms. Regulators in the fastest-growing major economy say they may ditch plans to introduce derivatives, and some company bosses are rethinking U.S. business models.
“The U.S. financial system was regarded as a model, and we tried our best to copy whatever we could,” said Yu Yongding, a former adviser to China’s central bank. “Suddenly we find our teacher is not that excellent, so the next time when we’re designing our financial system we will use our own mind more.”
The recent moves by Paulson, the former chief executive officer of Goldman Sachs Group Inc., contradict what the U.S. told Asian governments over the past decade. Thailand, South Korea and Indonesia were urged to let unviable banks fail during the 1997-98 Asian financial crisis.
Tags: bailout, China, Economy, Goldman Sachs, Government, Henry Paulson, Meltdown, Mortgages, Politics, Treasury, Wall Street
