One of my big criticisms of President Bush has been his reluctance to appoint people with Wall St. experience to the various financial and economic posts in his administration. Throughout his presidency it seems like Bush has made things more difficult for himself at almost every turn. It has always seemed like the treasury and economic guys have not been completely in the loop on all the decisions being made (this is just my perception and not meant to be taken as fact).
The consensus of what I have read and heard infers that Paulson will be more of a strong dollar guy than a smoke stack CEO or someone like Donald Evans would be. So the question becomes can Paulson make enough of an impact in the next two and half years to help make improvements where they are needed. I don't think the problems faced by the US economy are solvable in that time but improvements can happen.
I do think that Paulson is making a huge financial sacrifice and that should be commended. Hopefully this works out.
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3 comments:
"The consensus of what I have read and heard infers that Paulson will be more of a strong dollar guy"
That's not what I've been reading.
http://www.bloomberg.com/apps/news?pid=email_us&refer=currency&sid=aP78GyriwSiE
Dollar Falls on Concern the U.S. Will Pursue a Weaker Currency
May 30 (Bloomberg) -- The dollar fell against the euro on speculation the nomination of Goldman Sachs Group Inc. Chief Executive Officer Henry Paulson as Treasury secretary won't derail the Bush administration's push for a weaker currency.
I just read that Paulsen is worth over 500 million and last year he got paid over 30 million. And who knows what remuneration will follow him in options, perks, pension, etc. I don't think he'll be hurt much from his shift. Which isn't to say he won't be a good choice.
I think the potential sacrifice could be more along the lines of legacy. If improvements are made but problems not solved, how will history view him?
Will there be an inclination to compare him to Rubin? If so is that fair?
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