Parsing Paulson

I've been listening to Treasury Secretary Hank Paulson on my way to UNLV this morning. I'd hate to diagram some of his sentences! It's interesting how many public officials can't speak fluently during press conferences.

While I think that Treasury making equity investments in troubled banks is a better use of TARP funds than the original objective of buying mortgage-backed securities, Paulson's justification for the change is that the "facts changed." Yet he never said which facts.

I think the reality is that he didn't know what he was doing the first place.

UPDATE: More here.