Mr. Paulson is very stressed out now

Oct.09, 2008 in Market Outlook

Dear Mr. Paulson:

I want to have a heart to heart with you. I know you must be very stressed out. And I think you need some time to relax. Wouldn’t it be nice to just forget about it all for a while?

Well, you could. Isn’t it obvious that the nation, in fact, the world does not really like what you are doing? That must be a huge source of stress for you. Every time you do something, the LIBOR rates jump up some more, the credit markets freeze some more, and the US stock exchanges lock themselves more firmly into a tailspin.

For some reason, you seem convulsed with the desire to take more and more action, even though all of your actions have the same negative results. I suggest that this might be some kind of stress-induced reaction on your part. You need less stress, Mr. Paulson. Go to Aruba. Give yourself a break. And us too. How about a nice long vacation of a month or three?

In your absence, how about appointing some nice thoughtful economist who is not connected with Goldman Sachs to take over your position? Prof. Stiglitz, who won the Nobel Prize, might be willing to help, along with Prof. Roubini, who predicted all of this mess years ago. Since they are not positioned to profit from their decisions, as you and your company Goldman Sachs are, perhaps they could command the international trust that is so important, and so lacking so far, in this matter.

You, and so many Americans, and indeed, so many everybodies, would be so relieved if you would take my advice.

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