UPDATE ~ High noon on March 30, 2008 - AP/MSNBC's Most sweeping changes since Great Depression: Proposal will give the Federal Reserve new regulatory power had me thinking tht perhaps Bu$hCo's Treasury Department was showing some courage on the issue. Why the Paulson Plan is DOA by Michael Mandel in Business Week brought me back to reality. Finally, Loren Steffy, the Houston Chronicle's business columnist, serves up a skewering of "Manhattan Paulie". Is this guy the Wolcott of Wall Street? He writes
Through it all, Paulson brushed aside worries about the housing market and the economy until they became a well-developed crisis. With Bear Stearns facing collapse, Manhattan Paulie finally donned his hero's hat, ready to whip up a regulatory response. In that, he offers sound reasoning. If Wall Street is going to benefit from the Federal Reserve's support, as banks do, then it should have to submit to the same regulations as banks. Perhaps the swinging pendulum knocked some sense into his gleaming noggin.