Henry Paulson :: Spero Consulting

September 2010
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Bernanke: No.

Andy Spero | January 24, 2010 | 0 Comment(s) |

FWIW: we say no to a second term.

This weekend there are many reports and commentaries regarding the U.S. Senate vote to confirm Ben Bernanke to a second term as the Chairman of the Federal Reserve. For example, see the article Backers Rally to Bernanke in The Wall Street Journal.

Mr. Bernanke neither deserves a second term nor can we, as a nation and economy, afford it.

Don’t Blame Him for any Bubbles

Many commentators, analysts, and economists blame Mr. Bernanke’s (and his predecessor, Alan Greenspan’s) easy money policies for… Read the rest

Harsh Interrogation Techniques and Economic Terrorism

Andy Spero | April 27, 2009 | 0 Comment(s) |

On a Lighter Note

Now, this is mostly in jest, but the Obama administration’s ongoing mishandling of the Bush’s administration’s “harsh” interrogation techniques of political/religious terrorists coinciding with revelations from Andrew Cuomo’s investigation of Paulson and Bernanke and “forced” merger of the Bank of America and Merrill Lynch make us wonder.

To what extent will Mr. Cuomo go to get the truth? And would anyone complain if any of the parties were exposed to harsh interrogation methods, including, say, waterboarding or controlled head-slamming? (Despite what we wrote in Read the rest

The Cure is Worse than the Disease

Andy Spero | March 28, 2009 | 1 Comment(s) |

We very much like James Freeman’s brief column, Fighting Geithnerism, in today’s (Saturday, March 28) edition of The Wall Street Journal.

In it, he summarizes Richard Breeden’s Congressional testimony, particularly his criticism of Treasury Secretary Geithner’s proposed changes in regulations and oversight of financial firms.

We liked it very much, because Mr. Breeden sounds so much like…well, like us, as it turns out.

In early February, we wrote Systemic Risk Regulation and Irony , which we subtitled, “Or Central Planning as a Market Solution,”… Read the rest

Weekend at Bernanke's

Andy Spero | January 15, 2009 | 0 Comment(s) |

We think the current government and industry strategy of attempting to prop-up the dead as a way to re-energize the party and stay alive (or relevant) is bound to fail. In reminds us of the plot from the 1989 comedy, Weekend at Bernie’s. Is TARP II nothing more than a remake of the 1993 sequel?

We read in The Wall Street Journal today that Bank of America to Get Billions in U.S. Aid, and as usual we wonder whether it is necessary.

We doubted the necessity… Read the rest

Our Middle-class Morality

Andy Spero | January 14, 2009 | 0 Comment(s) |

We chuckled when we saw this headline in The Wall Street Journal today, January 15: Fed Officials Say Ailing Banks Require More U.S. Funds.

That’s not really news, and–by the way–it’s tautological or true by definition. (Uh, otherwise, they wouldn’t be ailing now would they, precious.)

Anyway, our point is always the sa: just because they need the money, doesn’t mean that they deserve the money nor does it mean that they’ll spend it wisely.

In that way, they’re not much different the the homeless alcoholics who beg… Read the rest

Could Madoff Have Received a Bailout?

Andy Spero | January 5, 2009 | 0 Comment(s) |

Congress is supposed to start its review of the SEC today, January 5.

In the spirit of inquiry, we’re wondering–only half jokingly–had Mr. Madoff admitted only to losing vast sums of money in September, would the government have provided bailout money to him?

Why not? At the point regulators had investigated his firm eight times over 16 years, and presumably found very little that was suspicious. (Here’s our take on regulators as “wise” monkeys.)

Were the actions of board and senior managers at many of the other firms that sought and… Read the rest

So Far, So Good, Mr. Obama

Andy Spero | December 4, 2008 | 0 Comment(s) |

The Wall Street Journal reports today that Obama Keeps His Distance From Treasury on TARP. It seems the Mr. Obama and his representatives are not providing the Bush administration officials with specifics about their mortgage and liquidity crises-related plans.

We say: what’s wrong with that?

Whether Mr. Obama and his staff are seriously deliberating and contemplating specific plans or actions or whether they are just pretending to do so, either is fine with us. Both are a vast improvement over the panic-speech of Mr. Paulson and Mr. Bernanke in the last half… Read the rest

Volatility and Losses: No End in Sight

Andy Spero | December 1, 2008 | 0 Comment(s) |

If you haven’t read it, For the Vix, 40 Looks Like It’s the New 20 in today’s The Wall Street Journal please know that is a decent column.

We particularly like the paragraph:

“Volatility may not return to its highs, but it isn’t clear when it will get back to normal, either. Volatility breeds fear, which breeds more volatility. There is still too much uncertainty about the losses lurking on bank balance sheets and about the depth and breadth of the current recession to inspire much calm.”

Now,… Read the rest

Left Wing Bias: Let's Hope So!

Andy Spero | November 28, 2008 | 0 Comment(s) |

That’s a title we never thought that we would write, but before we chase away our regular readers who share our political and economic world-view, please let us explain: it’s not as bad as it looks.

In Kimberly Strassel’s WSJ column, Hillary of State, Ms. Strassel describes how the mainstream media have now returned to providing a favorable opinion of Hillary Clinton’s foreign affairs qualifications (to be Secretary of State).

We must admit that that this is the first time in our life that we viewed overly-favorable coverage of any… Read the rest

More Evidence of the Lack of Forethought that is TARP

Andy Spero | November 28, 2008 | 0 Comment(s) |

The Wall Street Journal today, November 28, reports Rescue Plan Strained by Lack of Staff.

We’ve criticized the government’s response to both the domestic mortgage crisis and the larger global confidence crisis since it–that which became TARP–was first proposed. (We use the singular “it” because we’ve not heard any government official decouple the problems either in their initial panic or in the intervening months.)

Since mid-September, other than times when we were too busy to write, our criticism as been consistent, harsh, and steady: (1) initially the government officials, led… Read the rest

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