henry paulson s long evening details term paper
Excerpt from Term Paper:
The limitations of Paulson’s role also reflect the social and political situations of his actions. The role of Treasury Secretary has changed little in decades, and the power of the office are as a result limited. Paulson points out that “innovation precedes regulation, inches a situation that leaves him in stress when dealing with Bear Stearns and other impending crises. This kind of reflects another challenge of his job – by Goldman Sachs he was CEO, with practically unlimited electric power. As Treasury Secretary besides Paulson have a boss, but his powers happen to be constrained because the Treasury is merely one subset of a much greater regulatory machine. The ways in which powers will be portioned away and limited have a substantial impact on Paulson’s ability to control such downturn. Managing with only limited power needs a different skill set than taking care of as CEO.
Political actors are also expected to be solid communicators. Purdum points out repeatedly that Paulson is not a strong public orator, and this affects his role. In the wonderful world of investment banking, it is not essential to possess such skills, yet the shift towards the political industry brings demand for the ability to convey ideas clearly to a microphone. This has impacted the perception of Paulson in public, a thing that is a legitimate concern within a social framework where community opinion rather than expediency can easily dictate actions. Paulson is forced to address criticism, for example , that his activities are a direct reflection of his background as a bank and a Republican, as opposed to the actions of your financial and economic experienced assigned to a largely nonpartisan task.
As well as the substantial changes Paulson has become forced to produce to adjust to the dramatically different social circumstance on the Treasury Secretary job, he in addition has faced tough circumstances with regards to the economy and with respect to the political climate. When his personal leanings and social history may give him a baseline ideology, the abgefahren polarization of ideology inside the political market was a comparison to the more practical way that many upon Wall Street consider. Given an emergency – while Paulson was forced to address with the collapsing financial marketplaces and huge economic interruption – dissimilarities can usually be put aside about Wall Street to be able to address the difficulties at hand. While this occurred for the most part with the executive level with the White House changeover, there continued to be some issues at various other levels of authorities. The poisonous political weather, therefore , showed an pointless obstacle to successfully handling the catastrophe.
Henry Paulson’s job is usually complex, certainly in part due to multiple crises he have been forced to address during his tenure. Purdum’s article outdoor sheds light around the difficulties experienced in the change from Stock market to Washington, in particular high is a significant divergence in the social framework. The personal context, too, is challenging, because of differences in the rules between the two cultures, Stock market being direct and sensible and Wa being frequently duplicitous and concerned with multiple competing priorities. The economic crisis provides a foundation for understanding these issues as a result of way it creates a heightened level of intensity adjacent the decisions Paulson has already established to make as well as the way it has increased the stakes around his capacity to adjust to the modern political and social contexts in which he or she must now work.
Purdum, To. (2009) Holly Paulson’s extended night. Pride Fair. Retrieved March almost eight, 2010 coming from http://www.vanityfair.com/politics/features/2009/10/henry-paulson200910
Krugman, P. (2007). Henry Paulson’s priorities. Ny Times. Retrieved March eight, 2010 from http://www.nytimes.com/2007/12/10/opinion/10krugman.html