Tuesday, May 30, 2006

The sharp market drop today may be a good sign

My comments posted on the New York Times Deal Book page today re Paulson's appointment to head the Treasury.

Hopefully he's a lot like me in the sense seeking high office in later life is a personal sacrifice made not for the power and the glory but simply to help our country in its hour of need.


Paulson’s primary agenda should be to rein in today’s irresponsible lending practices which underlies the housing bubble and encourages ordinary Americans to assume excessive debt. In another article in today’s New York Times on identity theft the reporter noted the banks' marketing departments are running the show.

Nowadays most blue and pink collar workers along much of the middle class are enslaved to the contemporary version of the “company store”–the credit card issuers & mortgage lenders.
Any grownups at the Treasury, or in top management of our major banks? If so, please raise your hands!

Comment by MARK KLEIN, M.D. — May 30, 2006 @ 1:28 pm

Hopefully, Mr. Paulson will address the weak US dollar before it loses its preeminance as the world’s currency to the Euro.

Comment by R.Romulus — May 30, 2006 @ 4:12 pm

Cheering a sharp market drop isn’t usually my thing. But today might be different. Paulson’s appointment hopefully signaled The Street he won’t be the money center banks’ sock puppet as Snow was.

Agree with Mr. Romulus’ comment above about protecting the value of dollar. Here’s how depreciated the dollar is. The price of gas today denominated in housing cost dollars from 1955 to the present is cheaper than when as a teenager in the 1950s paid 30 cents a gallon!

Comment by Mark Klein, M.D. — May 30, 2006 @ 4:55 pm

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