King Henry Misjudged Again

“The broad authorities in this legislation, when combined with existing regulatory authorities and resources, gives us the ability to protect and recapitalize our financial system as we work through the stresses in our credit markets.” – Secretary Henry M. Paulson, Jr., Oct. 3, 2008

It has been three weeks since this statement was made and where are the markets and economy going, in the wrong direction. But what do you expect of a Wall Streeter who was part and parcel of the originating problem.