The NYT article “A Professor and a Banker Bury Old Dogma on Markets” offers a glimpse of Secretary Paulson and Chairman Bernanke as people. While quite different, they supposedly share an appreciation for baseball, Milton Friedman, and diet soft drinks. Even though it probably shouldn’t, that information makes me feel a little better.
The story also sketches the whirlwind they, along with Congressional leaders, the President, etc. have experienced over these recent months, weeks, and days. It’s fascinating to contemplate their experience. It must be unfathomably grueling.
I still cannot understand, though, why the Congress would install such powers in the Secretary of the Treasury while also explicitly removing any review of any kind. Are they trying to shield themselves from blame? What might they know about the near term that would lead them to want to carve out such authority?
It certainly appears that both Congress and the President have chosen to exercise very little leadership here. I hope and pray that Secretary Paulson and Chairman Bernanke make the right decisions. I can’t imagine what they are going through.
The photo is not directly related to this article.
