May 30, 2006
Yay! Snow resigns, takes eyebrows with him.
Treasury Secretary John Snow announced his resignation today. We here at McBlogger couldn't be happier and wish Snow all the best. Not really, but it does SOUND nice, doesn't it?
Bush announced that Goldman Sachs Chairman Henry M. Paulson Jr. has agreed to take the job, which will consist primarily of being the whipping boy for the Bush Administration's economic failures. Hank follows the well worn path from Goldman Sachs to the Treasury Dept. last tread by Robert Rubin whose tenure as Treasury Secretary saw the US economy grow rapidly with excellent job growth AND real wage growth, not to mention actually retiring federal debt. Paulson takes over at a time when US growth is anemic, wage growth is decreasing and stagflation is a real possibility going forward. If anyone can fix the mess it's got to be someone from Goldman Sachs because it's pretty obvious at this point that Bush knows fuckall about the economy.
On CNBC around 10:10, Randy Lert of Russell Investments andTony Dwyer FTN Midwest both agreed that the economy was basically good and that the biggest job for Paulson would be to get the message out about how good things were. Of course, what Randy and Tony don't understand is that for the vast majority of Americans things aren't great. Randy and Tony aren't particularly smart. That's why they don't work at Goldman Sachs.
Posted by mcblogger at May 30, 2006 10:43 AM
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Comments
I often get frustrated when partisan politics are allowed to dominate economic discussions. Regardless of whether or not you support President Bush's agenda, it is difficult to make a sound argument against Paulson's appointment. To make the argument that Americans aren't doing alright is laughable. Consumer confidence measures were at an all time high within the last year. The only thing that we ought to be concerned about is the incredibly large percentage of Americans with adjustable rate mortgages. As the Fed seeks to deal with core inflation, rates have pushed the prime rate towards 9%. This would mean 10 or even 11 percent for many Americans that have been shamelessly qualified for loans that they cannot afford. While the economy and most Americans are not in the hardest of times, real concern will come in the form of increased defaults and filings for personal bankruptcy. These defaults will have a larger impact on the economy than anything our befuddled President might do.
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