No Good Deed Goes Unpunished

I cannot believe the crap that Paulson and Geithner have had to endure today. I do not understand why Paulson - now a private citizen - doesn't return fire. The Congressman (from both sides) are posturing and putting their populist ignorance on full display for all the world to see.

I am a big fan of Paulson (as I have said many times, the Bush Administrations best six months were it's last six months), Bernanke and Geithner. I honestly believe that they were instrumental in averting a full scale meltdown and GDII. The American people - having dodged the bullet and now benefiting from economic growth - want to second guess the actions of these giants during the darkest hours of 2008 and 2009. It speaks very poorly of the people and those they have elected to represent them.

Ben Bernanke is being pillaged by the far left thanks to their lack of understanding of how the economic system works. The right wing's attack - much more organized - is an attempt to scapegoat him for the failures of GWB and the Republican Congress. Our collapse happened as a consequence of the GOP monopoly and they are doing all they can to deflect that, be it blaming Fannie/Freddie or Helicopter Ben. An extremely capable man who now enjoys a tremendous amount international respect and OTJ experience should be cast aside for political expediency? Why, of course. What was I thinking?

The whole movement to reduce the Fed's independence is extremely dangerous. Our Fed has been a model around the world for responsible administration of the central bank, due to it's independence. To the extent that our top bank is politicized, we all lose and the consequences can be rather severe.

I think this is symptomatic of the dumbing down of America. It will be harder and harder to find the best and brightest to serve in government, be it in elective office or administration. Lets use Hank Paulson as an example. The Bush White House had to beg him to serve after two failures at Treasury. He insisted that he would actually run the department rather than being a conduit for WH management. He left one of the top jobs in his field, where he earned a fortune and was held in near universal high esteem. He left all that to serve his country, and for what? What happened? He helped avert economic catastrophe and for the rest of his life he and his family will get to hear cynical and ignorant voices attack his competence and integrity. What lesson does that teach other overachievers that may be asked to serve their country?