Anyone notice that Paulson is in the news and Bernanke's not mentioned?

[rj1]

Fannie Mae/Freddie Mac. All Paulson and Treasury doing that.

Lehman Brothers. Treasury Department is coordinating with buyers, not the Federal Reserve.

I can't even think of the name for the Treasury secretary before Paulson. Are the Fed being pushed to the curb here or is Bernanke realizing he's out of his element and is deferring to Paulson?

[GRG55]

Re: Anyone notice that Paulson is in the news and Bernanke's not mentioned?

Fannie Mae/Freddie Mac. All Paulson and Treasury doing that.

Lehman Brothers. Treasury Department is coordinating with buyers, not the Federal Reserve.

I can't even think of the name for the Treasury secretary before Paulson. Are the Fed being pushed to the curb here or is Bernanke realizing he's out of his element and is deferring to Paulson?

I doubt there's any contest to be the one front and center shovelling the manure. The Fed, which is officially NOT a government agency, could well be having concerns about what remains of its balance sheet. It's the last resort solution, AFTER Paulson has exhausted all other possibilities.

It's pretty clear that Paulson, who grew up on Wall Street unlike Bernanke, is calling in every marker and using all the weight of Treasury and the rest of the government, to muscle anyone and everyone who's part of the inner circle into line. And he's made it clear that if you are not part of his exclusive club you are expendable [regionals, hedge funds...]

I wonder what sort of reparation he'll demand from Pimco after the Fannie/Freddie affair? Handy having Greenspan on the payroll, eh :rolleyes:

[Tulpen]

Re: Anyone notice that Paulson is in the news and Bernanke's not mentioned?

Fannie Mae/Freddie Mac. All Paulson and Treasury doing that.

Lehman Brothers. Treasury Department is coordinating with buyers, not the Federal Reserve.

I can't even think of the name for the Treasury secretary before Paulson. Are the Fed being pushed to the curb here or is Bernanke realizing he's out of his element and is deferring to Paulson?

A pattern is forming?

"An official from the Federal Reserve Bank of New York, who asked not to be named due to the sensitivity of the talks, said deliberations have resumed with leading Wall Street executives and top U.S. financial officials.

They include Treasury Secretary Henry Paulson, Timothy Geithner, president of the New York Fed, and Securities and Exchange Commission Chairman Christopher Cox. They were meeting on the heels of an emergency session convened Friday night by Geithner -- the Fed's point person on financial crises.

Participants in Saturday's discussions also include executives from Goldman Sachs, JPMorgan Chase, Morgan Stanley, Citigroup and Merrill Lynch.
Federal Reserve Chairman Ben Bernanke is actively engaged in the deliberations but wasn't in attendance."


http://biz.yahoo.com/ap/080913/lehman_brothers.html

[don]

Re: Anyone notice that Paulson is in the news and Bernanke's not mentioned?

Napoleon brought the flower of French academia with him to Egypt. When the British fleet, under Nelson, attacked the French fleet at anchor, the academicians were of no help.