Death of a salesman?

US Treasury Secretary Hank Paulson staked his all on his Troubled Asset Relief Programme for buying up to $700bn of dodgy assets from financial institutions. But the Tarp’s defeat has proved the former investment banker a poor salesman. What does he do next? He could try to push the same plan past the House later this week. That might sound like the height of arrogance. But some dissenting lawmakers may have been spooked into submission by the rapid drop in the stock market once it was clear ...