Talkers vs. doers in financial stress era
I've tried to follow and understand the very recent Wall Street machinations that one source called "The 10 days that reshaped U.S. finance."
It will likely take me a while to sort out the wisdom and implications of having the U.S. government planted square in the middle of operating what were private sector financial organizations.
My comfort level is not high.
Apart from assessing the merits of the actions taken, one aspect of what has transpired is striking - the speed at which the decisions were made.
Representatives of the executive branch of government, once they became aware of the magnitude of the problems: 1) gathered and analyzed the facts, 2) considered the alternatives and 3) made a decision in a matter of two or three days.
These were not small problems that were addressed. Bailing out AIG, for example, was an $85 billion decision.
Contrast the prompt actions of Treasury Secretary, Hank Paulson, who is a former Barrington Hills resident and former Goldman Sachs CEO and Federal Reserve Chairman Ben Bernake, in dealing with the stresses on the financial system versus the behavior of members the U.S. Congress when they deal with any issue.
The U.S. Congress seems quite incapable of solving any of the nation's pressing problems. Problems that have been apparent for years are never solved by the great talkers of the Congress.
The executive branch acts; and the U.S. Congress just jabbers away as the country falls apart.
It is this very contrast between the talkers and the doers that worries me a lot.
Our two candidates for the presidency, and one vice-presidential candidate, are members of the great club of talkers: The U.S. Senate.
None of these candidates has any substantive executive experience.
Our nation is in a bad spot and it doesn't need a long-winded, smooth-talking theorist as its president. Instead, it needs a pragmatic leader who can execute change.
How about Hank Paulson as a write-in candidate?
Charles F. Falk
Schaumburg