I have a problem with US Treasury Secretary Paulson. It's the same problem I have with candidate Barack Obama.
For all their lip flapping, neither is the least bit open and transparent. Both seem certain that they know what's good for us, and equally certain that we (the masses) don't know what they know.
The lack of transparency in financial risk is the reason no one will buy debt (commercial paper.) Until openness and transparency return to the system, lenders and real estate agents will be sidelined for the most part.
It's not the cost of money that's holding us back. Money is relatively cheap right now. The only problem is that you can't have any. Secretary Paulson is sitting on $700 Billion dollars, and he doesn't seem to have the foggiest notion how to use it to thaw out the credit markets.
I wouldn't hire him as my financial consultant. Would you?
I'm Mike in Tucson, your preferred Tucson, Arizona mortgage lender.
Think of me as your Tucson expert.
