Called before an angry congressional committee to explain what he was thinking, former Secretary of the Treasury, Hank Paulson explained that he got scared that the American people would find out that he and Bernanke were merely performing slight of hand and prestidigitation while addressing the imminent collapse of the banking system. He said he also saw nothing wrong with taking care of a few old friends with a few billion dollars on his way out the door that “no one will ever miss.’
He also said that creating currency by government fiat was stupid and would never work, even though that’s what the government has been doing since the country went off the gold standard in August of 1971.
“In essence,” stated Paulson, “we’re doomed. Aha, ha, ha, ha, ha!”