Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke testified before a congressional committee today. Their performance was nothing short of dazzling; not since the days of Elroy “Crazy Legs” Hirsch has anyone seen such footwork.Hirsch, you’ll recall, became renowned for his amazing style of running with the football. After one game, a sports writer reported: “His crazy legs were gyrating in six different directions, all at the same time; he looked like a demented duck.” That description might equally well be applied to the actions of a certain baldheaded secretary of the Treasury (aka Bailout Czar).
Said Czar begged the committee members today for understanding and compassion. “There is no playbook for responding to turmoil we have never faced. We adjusted our strategy to reflect the facts of a severe market crisis.” They certainly did, in a manner of speaking.
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