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At some level, though, he knew there would be hell to pay, no matter how correct his prognosis proved to be. But Paulson soon realized that the Labor Day target was going to be impossible. At the same time analysis of the current experience of limitation of interest rates, including in the field of microcredit, can not talk about economic and social efficiency of such a decision.

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The projects do create jobs, at least in the short run, and no politician wants to preside over a policy that causes job losses, even if it will result in healthier outcomes long-run. That, of course, raises a more pointed question: Once the crisis was unavoidable, did the government

For three years Lehman had made so much money that it was being mentioned in the same breath as Goldman Sachs, Wall Street I agreed that they were probably right, but we had no plan in place, and the concept made me uncomfortable, even though we had been careful to make sure that TARP

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