Paulson & Bernanke's version of Alice in Wonderland

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The Mad As Hell Series Continues…..
By Joe Nocera

Today’s guest blogger is Daniel Alpert, a managing director at Westwood Capital, whom I’ve quoted quite a bit in my column the past few months. Why? Because he has been dead spot on in anticipating virtually every iteration of this crisis. Last night he sent me (and others) this note about the testimony of Treasury Secretary Henry Paulson Jr. and Federal Reserve chairman Ben Bernanke. It aptly sums the current the state of play. I asked him if I could reprint his note here at Executive Suite. Happily, he agreed.
Secretary Paulson has told us since last week that he’s late, he’s late for a very important date and has no time for a reasonable legislative debate (although willing to indulge in the “hello/goodbye’s” of congressional testimony, provided it doesn’t take too long). But instead of following him through the looking glass, like naïve and curious Alice, let’s pause and take a peek though the glass before taking the leap of faith the Treasury and Fed are asking of us.
As with Alice’s Wonderland, a lot of what Bazooka Hank and Helicopter Ben are saying is lacking in sufficient detail or simply doesn’t make much sense:

http://executivesuite.blogs.nytimes.com/2008/09/24/the-mad-as-hell-series-continues/