That’s what New York Times columnist Paul Krugman argues—that the so-called major announcement today by Treasury Secretary Henry Paulson is a ruse to keep financial institutions from being regulated. Krugman is less than impressed with the administration’s plan of re-arranging the regulatory bureaucracy. “To hide their lack of any actual ideas about what to do,” Krugman writes, “Managers sometimes make a big show of rearranging the boxes and lines that say who reports to whom.”

In the world of mainstream punditry, Krugman is a notably harsh critic of the Bush administration’s economic policies. But it will be interesting to see if anyone on the political spectrum doesn’t react to Paulson’s address with skepticism.  Read Krugman here.  MB

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