QUOTE OF THE DAY….From Treasury Secretary Henry Paulson, looking back on his handling of the economic crisis:
I easily could imagine and expected there to be financial turmoil. But the extent of it, O.K., I was naïve in terms of — I knew a lot about regulation but not nearly as much as I needed to know, and I knew very little about regulatory powers and authorities. I just had not gone into it in that kind of detail.
This is from the same Vanity Fair piece that I linked to a few minutes ago. Hat tip to Dan Drezner, whose only comment is an apt one: “Sweet Jesus.”