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[ Sunday, September 21, 2008 09:10 PDT ]

Legacy Journal: The Sunday Sermon: Economist Moral Hazard

Section:

Business

Summary:

If it is Sunday is must be time to roll out the interviewees for national television network news programs.  New York, Wall Street, financial services now have Washington’s and the country’s attention.  Elective national politics has temporarily been bumped off the screen by economic events, Sunday NFL Football, and the Emmy Awards.

Treasury Secretary, Hank Paulson is the guy in the hot seat.  He appears to accept the economic moral hazard of recent pragmatic institutional rescues by the federal government.  In addition, he seems to affirm that the financial risks and the current value of instruments like nonliquid mortgage backed derivatives are both currently unknowable to even best of financial professionals.

Main:

Tom Brokow retired from NBC has returned to calmly fill the Meet the Press seat vacated by Tim Russert.  His most interesting guest today was a Mayor, Michael Blomberg of NYC. However, on this day, the usual group at This Week on ABC were in over their heads when attempting to unravel and explain the economic facts at play.

The Mayor was cool, clear, concise, balanced and analytical.  He is not a man in search of a job, but he may be a candidate for the role of mortgage, bond, and derivatives Czar.  Markets, governments and legislators would be both informed and reassured by his high profile presence.

He apparently listens as well as he thinks.  Another thought, he may be a candidate for a major post in the new administration.

Meanwhile, he and NYC are facing a 12% reduction in tax receipts over the next fiscal year.

More:

Posted by: webscribe2 on 09/21 at 09:10 AM
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