Looks like Hank wants to take the opportunity in the current chaos to cement in his new world order for the financial markets. http://www.bloomberg.com/apps/news?pid=20601087&sid=a46UeG8Fypx0&refer=home http://www.forbes.com/2008/03/29/financial-markets-regulation-oped-cx_pm_0329notes.html "Paulson's plan would give the Fed regulatory authority over all financial institutions....." The counterfactual is we do not need a Federal Reserve Bank. Let the market determine the appropriate value of capital and risk i.e. i-rates