At this moment in the financial crisis, the only people I trust are women:
Christine Legarde, and
When Barney Frank was discussing his legacy on PBS yesterday, one the things he emphasized was the consumer protection provisions of the Dodd-Frank law. Elizabeth Warren was largely responsible for that, and then when push came to shove, Obama abandoned her, clearly as a result of pressure from the crooks on Wall Street, led by Jamie Dimon of Chase Bank.
Christine Legarde did a good job as French Finance Minister and is currently sorely missed as France tries to deal with the European financial crisis. However, she will be able to help as head of the IMF. I trust her to do the right thing more than I did her disgraced predecessor, Dominique Strauss-Kahn.
Angela Merkel gets a lot of bad press from financial journalists and commentators, in part because they see her Germanic honesty as a rebuke to American dishonesty. People seldom mention that she is from the old East Germany, and grew up in conditions far different from the prosperous unified Germany that she now leads. She, more than others, remembers the trials and sacrifices that West Germany undertook to unify with East Germany. When they look at the sacrifices they are being called on to make for Greece, et al, the Germans can say, “Been there; done that.” However, before the sacrifices were for fellow Germans; now the sacrifices are for countries and peoples with whom the Germans share much less. Although Europe needs to be saved, Merkel is right not to have Germany commit suicide to save its poorer partners.