Chairman Bernanke continues to demonstrate that he has a good handle on his job, and understands a very broad picture of where the American economy is as well as the world economy. Secretary Paulson understands the workings of Wall Street and what has to be done to keep things stable.

Financial markets are built on confidence. You put your money in the bank, confident that the bank will be able to pay it back. You lend money, you buy stocks, and you conduct your finances on the basis of confidence in the regularity of the market. The Treasury is taking steps to shore up not only national but international confidence in the American financial system. The hazard of having that confidence disappear is too great to not be supportive of Secretary Paulson’s proposal.

This entry was posted on Wednesday, July 16th, 2008 at 11:38 am and is filed under Politics, Economy/Budget .