The good of the financial system??

Treasury Secretary Henry M. Paulson Jr. outlined the plan to nine of the nation’s leading bankers at an afternoon meeting, officials said. He essentially told the participants that they would have to accept government investment for the good of the American financial system.

I took this snippet from the New York Times because it scares me. Why do I have a sinking feeling every time I read Henry Pauson's name in a news article. I am willing to admit that some regulation was needed, but I am hoping that these transactions don't come with too many strings attached. There is just too much risk during times of crisis for people to make knee jerk diplomacy.

Like after September 11th with the USA Patriot Act which started all of this. The USA Patriot act made this possible by giving the Secretary of Treasury increased power to regulate finance in the hopes of catching terrorists. It is hard for me to see his latest attempts as anything but a power grab.

Even so, I would rather have this power grab than the fearful alternative that China would begin coming to the rescue of our banks. They have the assets...and I read the Chinese symbol for "Crisis" is Danger and Opportunity.