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Tuesday, July 21, 2009

How Much Power Can One Person Have?

One sole human being decided that there was no systemic risk-the world financial system would collapse-if Lehman Brothers went bankrupt. However, he then decided that such a risk existed if Goldman Sachs were allowed to fail. The most momentous economic decision of this century was basically made by a single, unelected bureaucrat!

There is no evidence that I can find that indicates any consideration was given to the idea that the market-and the country-had the capacity to heal itself (as it is doing now) without the staggering sum of bailout money Hank Paulson removed from the public purse (for the benefit of Paulson's former firm, Goldman Sachs).

Think about it. It is your money!

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