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"...public opinion deserves to be respected as well as despised" G.W.F. Hegel, 'Philosophy of Right'

The Washington Post « Previous | |Next »
October 15, 2008

I used to read the Washington Post on a daily basis. Though its email pops into my Thunderbrid mailbox daily I rarely read the paper. I gave up because of the poor quality commentary in its opinion pages.

An example is this op ed on the financial crisis by Steven Pearlstein. It defends Hank Paulson's international leadership thus:

Since Lehman's failure, Paulson has moved faster, more aggressively and more deftly than any of his international counterparts in doing whatever was necessary to stabilize the financial system. Yesterday, he and his collaborators at the Fed and FDIC threw everything they had at it -- flooding the banking system with an unlimited supply of dollars, expanding deposit insurance, putting a guarantee on new bank debt, injecting capital into healthy banks, giving the Japanese the assurances they needed to rescue Morgan Stanley, and doing nothing to discourage free-spending Democrats from their plans to offer another big economic stimulus plan.The result: the biggest one-day rally on stock markets in 70 years.

Really? Paulson was simply following the lead of Gordon Brown in the UK, whom Pearlstein never mentions.

bellBrown.jpg Steve Bell

Paulson in the beginning had vehemently rejected Brown's temporary part-nationalization which was a form of “equity injection. Instead he advocated government purchases of toxic mortgage-backed securities.

Europe doesn't count for Pealstein as his attention is directed towards selling Paulson as a great leader and beating up Wall Street. Pearlstein won the 2008 Pulitzer Prize for Commentary!

| Posted by Gary Sauer-Thompson at 7:18 PM |