I am one who has held out support for fixing the banking system since the crisis broke out last year in full force.   In my college days our professors had those of us majoring in economics do some historical study on the Great Depression.

I think it is relatively agreed upon, as Charmian Bernanke pointed out in his 60 Minutes interview, two things led to the great depression.  1) The money supply contracted sharply; and 2) The banking system was allowed to fail on a massive scale.  The Federal Reserve and politicians at the time got it wrong.

For additional clarification, I was opposed to all of the stimulus bills that passed and many of the ways the TARP money has been used.  I think Americans in the years to come will be shocked at how expensive "fear" is.

Had we started with the "bad bank" last year and took the time to properly value the toxic assets of banks.  We could be selling those bad assets right now to willing private buyers with the goal of shutting the "bad bank" down when the job was done.  I also think a web page should be started listing all of the incredibly stupid people that risked everything in these institutions if they cannot be criminally prosecuted.

All that being said I owe an apology to Mr. Paulson.  After reading the headline on our new treasury secretary like:  "Feds knew about AIG bonuses - Geithner only found out last week"  It makes you realize the disagreement we had with Mr. Paulson were at least factual and policy based.  Mr. Geithner to date makes you just wonder if the job is to big for him.

I am sorry Mr. Paulson we wish you were still at the helm.

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