The world has already been saved by Henry “Spats” Paulson and his sidekicks, Benny and the Bernackees. No really. The truthy story of their heroism and derring do is all right here:
Massive rescue efforts by the US government and central bank in recent months helped avert a “financial collapse” and are working to stabilize the economy, a Treasury report said Wednesday.
The Treasury report to a congressional panel overseeing the 700-billion-dollar rescue plan passed in early October said the extraordinary actions probably averted deeper problems.
“Treasury, working with the Federal Reserve, the FDIC (Federal Deposit Insurance Corp.) and other regulators, has taken the necessary steps to prevent a financial collapse,” the report said.
“The most important evidence that our strategy is working is that Treasury’s actions, in combination with other actions, stemmed a series of financial institution failures. The financial system is fundamentally more stable than it was when Congress passed the legislation.”
I’m sure all the recently unemployed CEO’s and senior executives will be happy to know that Spats Paulson has their back. Then again maybe the Treasury wonks that fudged diligently prepared this bullshit scrupulously honest presentation of the facts regarding Paulson’s disingenuous spin doctoring and pompous chest beating brilliant efforts were grading on a curve, one in which Herbert Hoover rates as a B minus. By the way, there’s no truth to the rumor that the Treasury’s report about it’s monumental and unbelievable success was only three pages long.