Here’s the best, most pointed article I’ve read today on the current state of play in the financial crisis: Post columnist Steven Pearlstein’s piece on how it’s time for the Street titans to step up to the plate, not pretend they’re doing anyone any favors by ‘accepting’ injections of capital from the US Taxpayer.
Late Point Taken Update: A number of readers have written in to ask why I’m recommending this article when it contains such fulsome praise for Hank Paulson. Good point. What I was recommending was this more general statement about the stance now being taken by the leadership of the top banks and Wall Street firms. But just to be clear, I don’t subscribe to his take on Paulson being out in front and decisive over recent weeks. Paulson himself now seems to grasp that his original bailout proposal was fatally flawed. He’s consistently followed events. And he’s still overmatched, in terms of rising to the requirements of the crisis, by the UK’s Gordon Brown.
