You've probably heard the news about the change Henry Paulson is making to the Fed:
"Under the Paulson plan, the Fed would essentially serve as a financial markets moderator, stepping in if the nation's markets were again threatened by an episode like the near collapse of Bear Stearns.
The plan would also give the central oversight of previously unregulated entities like hedge funds and private equity firms who have wielded growing influence in financial markets in recent years."
A retort from the NY Times' columnist Paul Krugman:
"Anyone who has worked in a large organization — or, for that matter, reads the comic strip “Dilbert” — is familiar with the “org chart” strategy. To hide their lack of any actual ideas about what to do, managers sometimes make a big show of rearranging the boxes and lines that say who reports to whom.
You now understand the principle behind the Bush administration’s new proposal for financial reform, which will be formally announced today: it’s all about creating the appearance of responding to the current crisis, without actually doing anything substantive."
To use the words of the robot from the old lost in space television show- "Danger Will Robinson Danger"
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