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Unfortunately for all of us, it was the new and different this time that just happened to be vital. It is therefore ironic that we fire these top CEOs when the trouble hits. The headline should read: “Come back, leaders of Merrill, Citi, Bear, and Lehman. All is forgiven (for a while).” The typical CEO is precisely equipped to deal with emergencies and digging out. Thus, Paulson was just the man to miss the point, but equally just the man – or at least a typically good one – to deal with a complicated crisis under stress.
So maybe Larry Summers isn't such a bad pick for SecTreas after all?
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