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May 30, 2006


I don't buy either that Karl Rove is worried about Al Gore (as if appointing a nominally green-ish SecTreas would make much of a difference in this administration's image) or that Paulson is going to have any material effect on policy of much any sort. This administration's macro policy, its environmental policy, and its lines of authority, are set.

He thinks there's something in it for him, almost certainly something that will make him richer. He may or may not be right, depending on how much of a sucker he's been played for.

They needed somebody -- anybody -- to take the job, and they managed to convince him to do it.

But I wouldn't go looking for any deep meaning here. It's window-dressing, no more.

The markets don't seem too impressed--the Dow is down 135 points, although that may have more to do with foreign weakness. Rubin was known for favoring a strong dollar, and some think Paulson will too, although there's probably not much anyone can do at this point.

I do think a smart man with hundreds of millions of dollars and a successful career would have to have a good reason, other than money, for taking a job like Treasury Sec in the Bush Administration.

I just wanna know--did this guy talk to Paul O'Neill--or even read his book. Because I can imagine taking the job if I thought I could save the American economy. But that's not going to happen in this administration.

There could be many reasons Paulson took the job. It could be that he's ready to retire and sees this as one last great line on his resume. Or Paulson could be expectly really bad economic times ahead and thinks (or deludes himself into thinking) that Rover will give him a free rein when disaster hits. Maybe he's being pushed out of Goldman and this is a respectable place for him to land temporarily before he truly retires.

I'm thinking Paulson will be an inactive figurehead, getting massages and reading the paper all day - right next to Negroponte.

The real question is why was John Snow in that job in the first place?

He is either a bald-faced liar, or a buffoon - probably both.

When Snow was presiding over a clear policy of weakening the dollar - in a desperate attempt to boost export numbers, which they are still foolishly pursuing yet today - that chump actually said that a "strong-dollar policy" meant protecting the physical paper currency, against counterfeiting, and he pointed out the new types of paper and inks that the US mint was changing to...blah, blah...

The US Treasury Secretary actually said that.

Perhaps to the uninitiated that might've sounded reasonable, but any economist, businessman, analyst and foreign central banker had to read that as either a base insult, or a terrifying revelation that the person in charge had no bloody idea what he was talking about.

You can argue over whether a strong dollar or a weak dollar is preferable, but it has absolutely nothing to do with a fucking piece of paper.

Oops, my bad - ignorance and incompetence are not reasons for losing one's job in the shrub administration.

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Anything Office and Secretarial

Great article, thanks for sharing!

Well reading this article dated 2006 and in fact two years ago around this time, yeah at the time it seemed like everything else a good idea, but now we see just another miserable failure the GOP and Bush Administration failed to acknowledge the fact why previous administrations left the dollar the way it is, and now were seeing the results of a weak dollar, I just hope when the 44th president takes office, they can reverse course get us back on track. This almost like a replay of the late 1970s, early 1980s. Only time will tell. I learned a thing while in church, that if mankind does not learn from history, history 9 out of 10 times repeats itself. Too bad people did not vote this bastard out while we had a second chance to in 2004. Well at least he can't run again and it will be interesting to know who runs the country.

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