First, I click on the Paulson story and find that the appointed leaders of our corner of the Free World have abdicated their authority to fix our broken system. Paulson is the U.S. Secretary of Treasury but speaks in this report as if he's merely the town cryer, impotent and clueless, able to report what we all see, hear and feel, but incapable of fixing a damn thing. He speaks, and he engenders no confidence whatsoever:
"I think it's going to be months that we're working our way through this period - clearly months," he said.
Paulson said the number of troubled banks will increase as they struggle to cope with big losses on bad mortgages. The government this month took over IndyMac (IDMC) after a run led it to become the largest regulated thrift to fail.
"Of course the list is going to grow longer given the stresses we have in the marketplace, given the housing correction. But again, it's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation," he said in broadcast interviews.
He enumerates the nation's economic ills like a trained medic, but the best medicine he offers is a stroke to the forearm:
"We're going through a challenging time with our economy. This is a tough time. The three big issues we're facing right now are, first, the housing correction which is at the heart of the slowdown; secondly, turmoil of the capital markets; and thirdly, the high oil prices, which are going to prolong the slowdown," he said.
"But remember, our economy has got very strong long-term fundamentals, solid fundamentals. And you know, your policy-makers here, regulators, we're being very vigilant."
His activism to correct economic course begins and ends with the advice an old uncle might give to a couple weighing a mortgage:
"Our first priority today is the stability of the capital markets, the stability of the system. And these institutions have investors all around the world ... and those investors need to know that we in the United States of America understand the importance of these institutions to our capital markets and to our economy and to our housing market," he added.
There is no sense of urgency, no commitment to act, not even an indication that he and his orbiters have any idea of what steps are needed to find the Titanic's leaks, marshal the resources necessary to plug them, hoist ballast and pump for dear life. Rather, there's admission of failure, married weakly to admission of incompetence:
Paulson acknowledged the U.S. is continuing to lose jobs, though he said the $168 billion economic relief plan approved this year has created jobs that would not otherwise exist. The plan included tax rebates for people and tax breaks for businesses.
This is not service, not leadership, not action; this is the ghost of a dead ideology, teetering in Purgatory and unsure of which direction to fall.
In case the reader needs further information, CNN kindly includes a link on that story's page to a series of analysis called "Scary economy, real solutions." Following that link leads to a series of briefs with titles like "A looming recession," "Weak dollar," "Falling stock market," "Unemployment anxiety," "Inflation," "Gas prices rising," "Home prices sinking," "Tightening mortgage market." The briefs dispense advice that wasn't fresh when Ben Franklin offered it under the name of Poor Richard: "Beef up emergency savings," one text offers, with nary a glimpse of irony.
It is no wonder, then, that America's moviegoing public has fled the real world where walking apparitions promise volumes of nothing and given a record-breaking opening weekend to a film about one disciplined hero battling one agent of chaos, neither of whom suffers from impotence, incompetence, bureaucratic malaise or a lack of creative ideas to resolve problems. Neither the superhero nor the supervillain are trapped in merely diagnosing and rediagnosing a situation; both see the matter at hand and move, by God, to handle it.
Would that America's leaders had a fraction of the simple gumption necessary to do the same.
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