Posts Tagged ‘Richard Nixon’

The Great Read-cession, Part IV

On the BrinkWelcome to Part IV of our eleven-part breakdown of the books of the financial crisis. Having trouble keeping up? Then check out this page for all previous and future posts in the series.

On the Brink: Inside the Race to Stop the Collapse of the Global Financial System

by Henry Paulson 2010


The unifying element of the first four books was pessimism: Whether it was Ritholtz’s scorn for those in power, Morgenson’s search for someone to blame, Lewis’s tragic tale, or Sorkin’s narrative of disaster, all four books had decidedly bleak outlooks on the events. Since there is only so much despair one person can read about, I wanted to read the account of someone who would be sympathetic to the policy-makers and CEOs who everyone else blamed.

Henry Paulson was perfect. If the financial panic of 2008 has a face, it’s Paulson’s. As Treasury Secretary during the collapse, he was the one who told Congress of the dangers of Fannie and Freddie (in his infamous squirt gun analogy), who proposed TARP, and who ultimately dispensed the bailouts. And unlike the other figures prominently involved—Geithner, Bernanke—he faded from public view almost immediately after the disaster passed.

Reading Paulson’s book, though, it is hard to dislike him. His prose is straightforward and he comes across as an upstanding, diligent worker with integrity. He’s honest, but polite and gracious to a fault—despite presiding over what many would describe as a complete disaster, he has nothing but kind words for almost everyone involved.* He worked for Presidents Nixon and Bush—two of the least popular Presidents of the last 50 years, if not ever—but says nothing negative about either. He clashed with another prominent public figure, Jon Corzine, for the top spot at Goldman Sachs, but all he says about that is “frankly, the pairing was never right.” Continue reading

The Worst Thing Every President Has Done

Last week, on Election Day, I found myself in a long Facebook comment thread about the virtues of voting. In it, someone said, “We have perhaps never had a president that has not committed…great acts of evil.” Of course, my first thought on reading that was That sounds like a fun game, and I decided to make a list of the worst* thing every president has done.

*The word “evil,” is of course loaded with all sorts of moral and metaphysical implications, so I’ve slightly reframed it into the “worst” acts every president has done. To be sure, many of these are clearly evil, but I wanted to include every president, and it’s hard to find something really “evil” that, say, William Henry Harrison did.

A quick note: First of all, I’m only including things they did as president. So the fact that Thomas Jefferson probably raped his slaves doesn’t count, though obviously that’s pretty bad. Secondly, I’m not a presidential historian, so my knowledge of some presidents is pretty limited. I welcome input on events I may have forgotten or never learned about in the first place. Lastly, this list is obviously subjective, based on my own moral judgment. As such, it’s weighted against things I find truly immoral, which usually involve the government killing or imprisoning people. Again, though, I welcome disagreement.

And now, the list: Continue reading