Hank Paulson, US Treasury secretary, seems to speak with total certainty while being plagued by indecision. His troubled asset relief programme, first proposed in late September, is now entirely a different scheme. The government must think carefully about who it intends to help next and how to do so.

Mr Paulson’s Tarp, as presented to Congress in September, was deeply flawed. With little explanation, he announced that he wanted the authority to buy $700bn of mortgage-backed securities. Congress did – eventually – pass the bill, but insisted on far greater oversight and protection for taxpayers in case the assets fell in value.