Hank Paulson: Financial Reforms Are 'Required'

It was former Treasury secretary Henry "Hank" Paulson's turn in front of the Financial Crisis Inquiry Commission yesterdayn-- and, boy, does this guy sound like the voice of reason we've all been looking for.

His testimony was compelling, on-point, and chock-full of tremendous insight. Some snippets:

  • "Reforms are unquestionably required'

  • "Better disclosure is necessary."

  • "The regulatory system is archaic and outmoded."

  • "Credit Rating Agencies were a dangerous crutch."

  • "Liquidity is important."

Gee, where was this guy when we needed him? Oh yeah, he was right in the thick of it.