The Treasury Secretary said it was clear by the time Congress passed the Tarp legislation that the plan to buy assets would “take time to implement and would not be sufficient given the severity of the problem”. Capital injections offered a “more powerful” way to shore up the financial system and support lending.

“I will never apologise for changing an approach or strategy when the facts change,” Mr Paulson said.

There are so many people to blame here but it makes no sense to point fingers. As recruiters, this really is the time to help reengineer processes and to drive down costs - on both sides of the fence. Chortling on about the limitations of corporate and agency recruiters doesn't resolve the dire situation. Both parties have to work with each other now or else...

Read it here at my new fav morning paper, The Financial Times

An interview with Treasury Paulson