As the myth goes, Fed Chair Bernanke, Sec. of Treasury Hank Paulson, his right-hand man Neel Kashkari, Speaker of the House Nancy Pelosi, Senator Christopher Dodd— and the rest of The Masters of the Universe — stepped up to save us from total economic disaster with what they called a “break the glass” rescue.
“…they told us that unless we acted, the financial system of this country and maybe the world would melt down. They used those words in a very kind of calm voice.” –Sen. Christopher Dodd
They indeed “acted.” None the less, we ended up with what Bernanke would later describe as “the worst economic disaster since the Great Depression.” Would things have been any worse if they hadn’t tinkered with the economy, especially since it’s that very tinkering that causeseconomic disasters?
As the saying goes, “There’s nothing more sobering than meeting your heros up close and personal.”
With the stage set by Ron Paul, here they are in their own words — up close, personal, and more than a little sobering: The Masters of the Universe and how they “handled” “the worst economic disaster since the Great Depression” – – –
So, leaving Fed Chair Bernanke, NY Fed Chair Geithner, the SEC’s Cox, and the U.S. Treasury’s Steel speechless, as Sen. Jim Bunning asked, “How do you let the entire financial system become so fragile that it could not tolerate one failure?”
L. Reichard White [send him mail] taught physics, designed and built a house, ran for Nevada State Senate, served two terms on the Libertarian National Committee, managed a theater company, etc. For the last few decades, he's supported his writing habit by beating casinos at their own games. His hobby, though, is explaining things he wishes someone had explained to him. You can find a few of his other explanations listed here.