The Wild Week - Leadership in times of crisis

Last week the financial markets were in a turmoil. CNN broadcasts an "emergency" program inviting financial advisers, economic experts and other financial analysts to comment and give their opinion on how America reached the current state and what the future might hold both short term and long term.
One commentator said he was in Nordstrom's walking through the women's shoe section and wondered while shoes were flying off the shelf "What recession?". He also made what I consider a very sound comment, that we have brought this crisis on ourselves, by over extending credit cards with items we cannot afford, by buying more house than we need with relatively low interest mortgage rates, and ignoring the fact that there could be a possible future bubble in the housing market. Whatever happened to what goes up must come down? Henry Paulson believes Congress must revamp the country's financial regulatory system but not necessarily with the bill that is currently being proposed by congress. Senate Banking Chairman Christopher Dodd (D-Conn.), who is authoring the legislation with Financial Services Chairman Barney Frank (D-Mass.), believes Congress must move quickly to grant the Treasury Department this authority, but he would like Congress to deal with the root causes of this financial slide as part of the legislation or in a related deal. (CBS - meet the press, Sunday, September 21st, 2008).