Was interesting to hear Paulson and Bernanke speaking on the fly. I'm not convinced anyone's done the numbers and the skeptical part of me thinks it will be interesting to see how quickly they blow the 700 billion and come back for more - its not clear how they came up with the figure. It'll be interesting to see whether they can actually raise the money as well and what price they'll have to pay for it in terms of interest. My understanding is they have to issue debt to raise the funds and someone has to buy it (private capital, foreign governments etc.).
Some of the senators were a bit out of their depth but there were some good questions in there as well. Paulson's asked for some pretty sweeping powers and indeminities. You also have to wonder how the CEO of Goldman Sachs from 1999 to 2006 can claim not to have been part of the cause of the problem or been aware of the problem. And I can also understand there is skepticism about now giving him 700 billion and pretty wide ranging powers to help bail out banks and investment banks. A lot of rhetoric about controls, oversight and transparency but no substance in the bill proposal as yet by the sounds of it. Its also interesting that Paulson will be gone again early next year and there will be a new secretary coming in.
It still looks like a badly managed business not facing up to reality to me but time will tell I guess.