All Hail Henry Paulson, US Treasury Secretary!

In a breathtaking and short press conference yesterday from the White House - and after two consecutive working weekends - the US Treasury Secretary, Henry Paulson, took the first steps in reversing seventy years of deceit and disingenuousness in the US (and hence the West's) financial systems. Link. "I can only play the hand I was dealt" stated Paulson referring to seventy odd years where government backed mortgages were effectively forgotten in the national debt figures. Where too an investment bank with a history of 158 years, Lehman Brothers was allowed to go to the wall rather than be rescued, at the taxpayer's expense, as in the case of Bear Sterns. Credit too to George Bush who as President courageously authorised these moves, shaming his predecessors as well as all recent Fed Chairmen. The priority for the incoming President will now be to rescue the middle classes of the world's only superpower from the state of Peonage to which they have now apparently been condemned.