Paulson has to force the banks to open the money spigots -- right now

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by Liz Peek

wOw's Wall Street Weekly with Liz Peek

Thank God for the long weekend. I am hoping that over the next two days the authorities here and elsewhere will figure out some potent next steps aimed at stemming this horror show; something that investors might actually believe in. At the least, the market will not be able to go down.

What can the Paulson team actually do? Here's my take: Investors and voters have little confidence in the once-$700-billion-now-$900-billion rescue plan. There are a number of reasons for that -- it is complex, the original presentation was vilified as a bailout for Wall Street and the final package was so bloated it made the Fat Cats look anorexic. The plan also failed to buoy confidence because it wasn't immediate -- the best guess was that it would not be implemented until mid- or late-November.

What's that all about? Here we have the fiscal dream team telling us to hurry, hurry, hurry to get this bill enacted -- and then they can't figure out how to buy some securities? Is this an emergency or isn't it?

Henry Paulson on Shine

Paulson has to force the banks to open the money spigots -- right now