September 24th, 2008

how long Hank has had this plan in his back pocket

Relevant paragraph:

"We have proposed a program to remove troubled assets from the system -- a program we analyzed internally for months, and had hoped would never be necessary," Paulson said. "Under our proposal, we would use market mechanisms available to small banks, credit unions and thrifts across the country."

Months, hunh? Well, that implies that all along, as he was telling us all the previous measures were working Just Great and the Economy was All Ducky, he was Lying. Why, precisely, should we believe him now?