As chairman of the Budget Committee (and ranking member on Finance as well), [Senator Kent] Conrad is plugged into the socket of the credit crisis. When I saw him he'd just been briefed—and shocked—by Fed Chairman Ben Bernanke and Treasury Secretary Hank Paulson.
The two men had told him that, if the government had not taken over AIG Insurance, the entire economy of the United States, and much of the rest of the world, could have fallen into deep panic. Like an aggressive tumor, AIG's unsustainable insurance guarantees were spread like poisonous filigree not just in hedge funds, brokerage houses and banks, but also on the books of blue-chip corporations atop the Fortune 500. "Some very big names were in danger," he said.
"They had to do what they did," Conrad explained to me. "No choice."
P S Jag struntar i mitt löfte om att översätta mer till svenska just nu. Håller på och packar och grejar och hinner absolut inte blogga, egentligen.