Here Are Some Thoughts On Hank Paulson's Handling Of The Financial Crisis

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The reason a run-of-the-mill financial bust became a catastrophe, Mr Kaletsky claims in his book, was due largely to the stunning failures of one man: Henry Paulson, George Bush’s treasury secretary. In a passionate ad hominem attack, called “The Economic Consequences of Mr Paulson” (after Keynes’s 1925 pamphlet “The Economic Consequences of Mr Churchill”, a devastating critique of Sir Winston’s defence of the gold standard), Mr Kaletsky excoriates Mr Paulson, particularly his decision to allow the investment bank Lehman Brothers to fail. The hyperbole is spectacular. Mr Paulson, the book claims, came “closer to destroying capitalism than Marx, Lenin, Stalin and Mao Zedong combined.” [The Economist]

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