Interesting Takes from Home and Abroad:
Paulson’s Moment Of Truth By Sebastian Mallaby
In taking the top job at Treasury two years ago, Hank Paulson said he wouldn’t be content to keep the seat warm. He was running Goldman Sachs, the preeminent investment bank, and he had no need to come to Washington if he wasn’t going to make an impact.
On Wall Street as on Main Street, a Problem of Denial By Joe Nocera
How can it even be possible that we wake up on a Monday morning to discover that Lehman Brothers, a firm founded in 1850, a firm that has survived the Great Depression and every market trauma before and since, is suddenly bankrupt? That Merrill Lynch, the “Thundering Herd,” is sold to Bank of America the same weekend?
Why Experience Matters By David Brooks
Governance, the creation and execution of policy, is hard. It requires prudence. How is prudence acquired? Through experience.
Paulson’s Courageous Action By Larry Kudlow
Treasury Secretary Henry Paulson is the man of the hour. This weekend he drew a clear line in the sand: no more federal bailouts. Not for Lehman Brothers. Not for global insurer AIG. Not for Merrill Lynch. Not for anyone, at least as of this writing.
Whose Elitism Problem Now? By E. J. Dionne
In democracies, all political factions run against an elite. Since the New Deal, Democrats have cast themselves against the financial and business elite. Since the 1960s, Republicans have thrashed the cultural and intellectual elite.
The Times They Are A-Changing By William McGurn
The press should concede there’s no civil war in Iraq.
E-mail to Obama: dishonest TV ad, wrong audience By Jonah Goldberg
The Democrat’s latest attack on John McCain takes poor aim at his age and knowledge of technology.
Secretary Paulson Makes the Right Call By Vincent Reinhart
Lehman’s shadow was not long enough to justify a bailout.
The Resilience of American Finance By Jeremy J. Siegel
It’s easy to be pessimistic, but the demand for financial services remains strong.