A funny quote by Tom Friedman - but so much is true
I got a laugh reading Tom Friedman's column in New York Times today:
"As one banker remarked to me: “We finally found the W.M.D.” They were buried in our own backyard - subprime mortgages and all the derivatives attached to them."
The article, overall, is raising a very strong and nascent point: Bush and his administration have given up on the current economic crisis. Paulsen doesn't know what to do. Markets do not know who's in charge. Perhaps, the transition to the new administration needs to happen as soon as possible. Some of Obama's cabinet must start taking most active part in fighting crisis right now. We can't afford to wait until january 20. Just like we can not afford the january 20's festivities...
"As one banker remarked to me: “We finally found the W.M.D.” They were buried in our own backyard - subprime mortgages and all the derivatives attached to them."
The article, overall, is raising a very strong and nascent point: Bush and his administration have given up on the current economic crisis. Paulsen doesn't know what to do. Markets do not know who's in charge. Perhaps, the transition to the new administration needs to happen as soon as possible. Some of Obama's cabinet must start taking most active part in fighting crisis right now. We can't afford to wait until january 20. Just like we can not afford the january 20's festivities...