FROM Anil Kashyap
One Year after the Wall Street Meltdown Henry Paulson had been the CEO of Goldman Sachs, a Republican and a free marketeer. But as George W. Bush's reluctant Treasury Secretary, he engineered the biggest government intervention of modern times. During 15 months of the financial meltdown and the $700 billion Wall Street bailout, he sat for eight hours of taped interviews with Todd Purdom, whose " Confessions of Henry Paulson " are in this month's issue of Vanity Fair magazine.
One Year after the Wall Street Meltdown Henry Paulson had been the CEO of Goldman Sachs, a Republican and a free marketeer. But as George W. Bush's reluctant Treasury Secretary, he engineered the biggest government intervention of modern times. Barack Obama promised big change, but he picked as Treasury Secretary, Timothy Geithner, who also played a key role in the Bush Administration's Wall Street bailout. More institutions than ever are "too big to fail" and, while the President's warned against excess risk, he has not said they wouldn't be bailed out again. The new regulations he has proposed may have trouble in Congress, which is gearing up for another election year. The TARP and the federal stimulus might have saved the economy, but what's been done to prevent another recession as bad as the one we're in now?
The Global Consequences of America's Financial Crisis The Wall Street rescue failed in the House. Now the Senate will take up a similar bill tonight, with support from John McCain , Barack Obama and Joe Biden . Some advocates are saying the pros and cons of specific provisions are not what matters. The real issue is restoration of confidence in the financial system. Meantime, banks are in trouble in Britain, France, Belgium, the Netherlands—Ireland and Iceland, and leaders are saying the US has a special responsibility to act and act now. Would foreign banks get part of the bailout money? What about countries which buy American debt, including Russia and China? Is America's financial leadership what's really at stake?
Is the threat from Russia missing from the Russia meddling probe? There's much being made about the Trump administration's possible ties with Russia. But the bottom line is Russia's effort to influence American democracy. Do the President and his aides care enough to take action before voters go back to the polls?
Trump plays scolder-in-chief with NATO allies At the opening of NATO’s dramatic new headquarters in Brussels today, President Trump acknowledged that Article 5 — promising that “an attack on one nation is an attack on all” -- has only been invoked one time: in the aftermath of September 11. But the President failed to provide what 27 other Alliance members have been waiting for: a re-commitment by America’s new leader to Article 5. Instead, they got a scolding.