So Hank Paulson says TARP was a $700 billion mistake. His bad. Superstrategist Ed Yardeni has some cinematic thoughts on this:
"I made a casting mistake. I cast Treasury Hank Paulson as Vito Corleone, when he met with the heads of the nine “made” banks on October 13. After his speech yesterday, I’m thinking he may be more suited to playing the part of Fredo, who in The Godfather II said, “It ain't the way I wanted it! I can handle things! I'm smart! Not like everybody says... like dumb... I'm smart and I want respect!” Yesterday’s 411 point selloff in the DJIA was Mr. Market’s way of asking the Treasury Secretary to shut his trap. My message to Congress is shut his TARP. Don’t give him the second $350bn installment of the plan. Use $50bn to bailout the auto industry. Inject $300bn in additional capital in Fannie and Freddie and have them and the FHA fund the Goldsmith/Yardeni Home Recovery Program, making $1 trillion of 30-year mortgages available at 4% on a first-come-first-served basis to all qualified buyers."
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of NY 11:41AM November 13, 2008