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Book Nook provides readers with insights into the world of books. Vick Mickunas takes you into the center of the publishing world with the latest book buzz, book reviews, and exclusive chats with authors..Home > Blogs > Book Nook > Archives > 2010 > January > 28
Thursday, January 28, 2010
The genius behind the bank bailouts…
(Unfortunate Timing Department) In the waning days of the administration of George W. Bush his Treasury Secretary Hank Paulson, Jr. engineered the 700 billion dollar bank bailout. Hank took it to the bank. Was he a hero? Or a goat?
The jury is still out on that one. After President Obama’s State of the Union address last night many Americans are probably wondering what in tarnation is really going on? Obama took great pains to point out that we had a big surplus when Bush was elected and that 8 years later we had a gigantic mess.
And Hank Paulson was right there steering the fiscal ship of state into the shoals.
Even so, the book publishing cycle continues without much regard for reality. Hank Paulson’s own account of his heroic and valiant bailout architecture, On the Brink will be published next week.
Here is Paulson’s description from the author notes:
“I believe the most important part of this story is the way Ben Bernanke, Tim Geithner, and I worked as a team through the worst financial crisis since the Great Depression. There can’t be many other examples of economic leaders managing a crisis who had as much trust in one another as we did. Our partnership proved to be an enormous asset during an incredibly difficult period. But at the same time, this is my story, and as hard as I have tried to reflect the contributions made by everyone involved, it is primarily about my work and that of my talented and dedicated team at Treasury.”
Ben Bernanke? A hero? Tim Geithner? A hero? Hank Paulson? They are all heroes? Have we entered an alternate universe here, Bizarro Treasury World?
How well do they expect this thing to sell? Are Americans eager to read this air brushed account of our bank bailout heroes?
But there it is all over the front page at Amazon.com. Hank Paulson. Our hero.
Vick Mickunas
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