More From The Crisis: Send in the Clowns

1. Last Wednesday was one of the scariest days I've ever experienced in the market. The global banking system essentially came to a stop. Only talk of Hank Paulson's new plan prevented disaster. I'm not sure everyone gets how bad it was.

2. Democrats and Republicans alike are making fools of themselves, piling on to Paulson's desparate rescue package. When I hear things like "we need to regulate more", or, "we need Congressional oversight", I laugh.

Don't these bozos know that the major banks and investment banks have regulators swarming all over them? Take Citi, for example. There are teams of regulators from the Fed at Citi's headquarters literally all year long. Do you think the regulators didn't know that Citi had gazillions of dollars in SIVs? No. They (like Citi) simply didn't understand the downside risk. By the time regulators figure things out, it's always too late. No amount of regulation is going to prevent people from doing stupid things.

And oversight? These are the same dopes that took untold millions of dollars in contributions from Fannie and Freddie and let that supposedly private company run itself into the ground on the taxpayers' dime. Puh lease.

They need to shut up, get out of the way, and let Paulson fix this thing. Period.

3. Speaking of which, Paulson should immediately appoint Michael Bloomberg as the chairman of the new resolution trust company (or whatever it will be called). He, at least, is a businessman who gets the joke. And, with no ability to run for a third term as mayor, what better use of his skills could there be than saving the world?