Audio-book Review
By Chet Yarbrough
(Blog:awalkingdelight)
Website: chetyarbrough.blog
On the Brink
By Henry M. Paulson, Jr.
Narrated by Dan Woren
HENRY PAULSON (U.S. SEC. OF THE TREASURY 2006-2009)
Crisis reveals human strength and weakness. Perception is not reality, but Henry Paulson, the former Treasurer of the United States, names names and paints pictures of (mostly) men in the 2007/2008 financial crisis. In his analysis, there are political losers and winners.
How will America’s response to the Covid-19 pandemic be recalled?
This close political race will have a winner and loser. With such a close political race, the loser will be America. Divisiveness and ideological difference will remain a major obstacle in formulating foreign and domestic policy. Covid 19 will run its course. The concern is in not having a pragmatic or politically articulate President who can lead America over the next four years.
GEORGE WALKER BUSH (43RD PRES. OF THE UNITED STATES) Paulson characterizes Bush as a pragmatist who acts on recommendations from people he trusts.
Paulson reveals himself as a Christian Scientist, a pragmatist, and enigmatically, a somewhat left-of-center, presumably Republican, liberal. Paulson suggests a Republican left-of-center lean when writing about his mother and wife’s reluctance for him to take the Department of the Treasury position in the Bush administration. (Paulson’s mother strongly supported Hillary Clinton for President.)
Interestingly, Paulson characterizes George Bush as an equally pragmatic, non-ideological decision maker. Differences between the two are in the details; i.e. Paulson analyzes his own and other experts’ details and presents informed alternatives and recommendations while Bush acts on recommendations from people he trusts.
BEN BERNANKE (CHAIRMAN OF THE FEDERAL RESERVE 2006-2014) Paulson characterizes Ben Bernanke as a brilliant financial advisor, participant, and ally in supporting and executing complex rescue plans for a financial system nearing default.
TIMOTHY GEITHNER (U.S. SECRETARY OF THE TREASURY 2009-2013) Tim Geitner is shown as a team player that bridges the divide between political and administrative decision-making when plans are formed to rescue Fannie Mae, Freddy Mac, and AIG.
Rahm Emanuel is described as an effective political organization man who is able to get things done in a highly political environment.
Jaimie Dimon (CEO of JPMorgan Chase.)
Dimon is characterized as a rationale business man who is willing to take a risk for the benefit of more than his own aggrandizement.
John Thain seems a competent manager in crisis that makes the best of a terrible situation by moving rapidly to sell Merrill Lynch to B of A before total collapse.
Some crisis profiles shown by Paulson are less complementary. Sarah Palin comes across as a decision maker driven by politics rather than pragmatic results.
John McCain (1936-2018, Former U.S. Senator for Arizona.)
John McCain seems to gravitate to Palin’s perception of reality by political posturing for election results rather than pragmatic solutions for the financial crisis. Jim Bunning, the former baseball player and House of Representative’s Republican, is shown to be an ideologically driven populist extremist.
Richard Fuld seems arrogantly delusional about Lehman Brothers’ assets and an ineffective manager in crises.
Ken Lewis (Former CEO of Bank of America)
Lewis appears Machiavellian in grabbing what he thinks are the best and rejecting what he thinks are the worst financial risks in America’s near economic collapse.
Paulson reinforces perceptions of Barack Obama as a smart guy that grasps the big picture; ditto for Barney Frank, and Lindsey Graham but less so for Christopher Dodd.
Paulson reinforces perceptions of Barack Obama as a smart guy that grasps the big picture; ditto for Barney Frank, and Lindsey Graham but less so for Christopher Dodd.
Paulson suggests that Republican Senator Shelby can drive his point and take control when pushed to act but ideological belief seems to constrain proactive action in the financial crises. Senator Reid is shown to be a consummate, seasoned political manager in the Senate and Nancy Pelosi an equally dynamic oldster in the House of Representatives.
JOHN BOEHNER (FORMER SPEAKER OF THE HOUSE) Paulson suggests Boehner is unable to lead his Republican constituency and seems awkwardly suited for either a minority or majority Speaker of the House position.
In contrast, Representative Boehner is unable to lead his Republican constituency and seems awkwardly suited for either a minority or majority Speaker of the House position.
It seems today the decisions made by Bush, Paulson, Bernanke, Geitner, and Congress were correct. After listening to Paulson’s book, one appreciates these civil servants hard work in doing the right thing. Today is too soon to tell but Paulson gives outsiders a fascinating glimpse of people making a difference when a nation is in crisis.
One wonders who the political losers and winners will be in today’s immigration, world trade, Covid-19 pandemic, and budget deficit crises.
LAS VEGAS REVIEWS AND VIEWS 
2 thoughts on “POLITICAL LOSERS/WINNERS”