Update (01-20-09): now that Mr. Paulson’s term as Treasury Secretary has ended, we must admit that the small bit of optimism we exhibited in this post was sadly and unfortunately misplaced.  It was out-of-character for us, but we’re a hopeful pesimist.  He quickly reverted to his behavior of September and October, and for that, the markets, the nation, and the world have and will continue to suffer.

We hope that his earlier actions haven’t caused irreparable damage, but we’re doubtful.

This is a longish post that covers several aspects of the… Read the rest