Bernanke to Paulson: Help me, help you
(Nobel Laureate) Krugman @ NY Times: Gordon Does Good
Mr. Brown and Alistair Darling, the chancellor of the Exchequer (equivalent to our Treasury secretary), have defined the character of the worldwide rescue effort, with other wealthy nations playing catch-up.
This sort of temporary part-nationalization, which is often referred to as an “equity injection,” is the crisis solution advocated by many economists — and sources told The Times that it was also the solution privately favored by Ben Bernanke, the Federal Reserve chairman.
But when Henry Paulson, the U.S. Treasury secretary, announced his plan for a $700 billion financial bailout, he rejected this obvious path, saying, “That’s what you do when you have failure.”
Well, it seems that now HankP is listening to BenB: U.S. Treasury Said to Invest in Nine Major U.S. Banks
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