Capital Markets

New Republic's Half Full Glass Dumped On Their Heads. Again.


Ah, New Republic. Life holds so many shocking disappointments for you. Like today, when you figured out that the bailout wasn't going to be a smooth transition to economic health guided by a selfless, rational public servant. Clay Risen writes:

At this point it's hard even for supporters of the original bailout plan, like myself, to keep faith in Hank Paulson and the Treasury.

Is it too much to ask that a high-ranking government official who has been given essentially unlimited power by Congressional action to do what he wants should have to justify his motives?:

What's wrong with buying troubled assets, and why is it better to buy stock directly? Why bailout AIG but not GM? There are perfectly persuasive answers, even obvious ones, but Paulson has yet to float any of them. He simply says, haughtily, "I will never apologize for changing the approach and the strategy when the facts change." 

Lost faith in a hugely ambitious project about which you were recently optimistic? How sad. Worst of all, this plight is so darn familiar. It almost feels like this has happened before.