How much will taxpayers shoulder?

[kandrathe]

It appears that Kandrathe gave the 'proof' that was required from me :whistling:

Paulsen is an idiot. Do you want to take his side? My position is that the US Treasury department, and Henry Paulsen has its collective thumbs up congress'... Why would I link to a paper which is an attempt to blow sunshine on Paulsen's thumb?

That paper has one truth, that being a political tool for some in Congress who want to do nothing. Paulsen is a failure, and history will note that this world economic catastrophe was his to avert. Bush was an idiot to appoint him (not the first bad choice of his either).

Here is what the WSJ is reporting today; "Outlook Darkens as Recession Deepens -- Economists Forecast Lengthiest Downturn Since Great Depression"

What I quoted was from a Reuters article; I bolded the portion you failed to read.

The report finds that China allowed its currency to appreciate against the dollar at its fastest rate in the first half of 2008 than at any time since officials stopped pegging the yuan to the greenback in July 2005.

"The (yuan) gained a total of 6.2 percent against the dollar in the first half of 2008, just short of the 6.4 percent gain in the entire year in 2007," the report states.

However, in the past couple of weeks the yuan has slipped back to its lowest level in about five months.

Treasury Secretary Henry Paulson was in Beijing last week for trade talks and there was some worry that China might be losing the stomach to let its currency keep rising. The report raps the Chinese for maintaining a weak-currency policy and says such a posture is stunting economic growth for the world's fourth-largest economy. U.S. Treasury says China not manipulating currency

As of today the Chinese Yuan was trading at 6.8 to a dollar. Up until 2005 it was pegged at 8.3 to the dollar. So, that appears to be about 18% appreciation after un-pegging it, or about 1/2 to 1/3 of the distance it needs to move.