Update on Financial crisis testimony by Treasury Secretary Paulson

As I listen to the testimony of Hank Paulson, Treasury Secretary for the Bush Administration, I am amazed that there is little definition as to the oversight structure that they want to put in place to monitor how the $700 Billion dollars requested from Congress. This money is to be used to deal with the financial crisis caused by the sub Prime Mortgage problems, Based upon everything I have heard so far, there is no real definition as to mechanisms, controls or oversight planned to monitor the distribution of funds. Paulson is basically saying "Trust me" and lawmakers are wary, as they should be.

We got into this mess because there was not oversight, regulations or transparency. I don't hear anything which outlines answers for those concerns. Is there another action which could be taken and what other actions have we considered? We won't know as they are scared that if they take too long, things could get worse very quickly.

One thing I would add is that I am so glad we have Hank Paulson as Treasury Secretary versus previous Treasury Secretary's in the Bush Administration. His experience at Goldman Sachs is invaluable in this crisis. He knows more than any Senator questioning him.

One thing I learned that was new was that the Credit Default Swap market now totals about $62 Trillion dollars. That size of investments in anything is scary indeed!