Why Paulson Is Wrong

[redrocket190]

http://www.outsidethebeltway.com/archiv ... _is_wrong/

...with a little twist for our California residents:

"I’ve gone through an actual industry crisis unlike most of my co-bloggers and probably many of the commenters. I was there before it started, I was there while the crisis was in full swing, and I was there when the crisis ended. The California electricity crisis. One thing to keep in mind is that the state of California did exactly the wrong thing: they ran out and bought a bunch of energy contracts at crisis level prices. Now we have extremely high energy rates in large part because we have to service these contracts. Brilliant, eh?"