How he foolishly let Lehman Brothers go under and started a chain reaction that quickly turned into a financial meltdown?

How he was so focused on his cockamamie plan to buy up distressed mortgages and mortgage-backed securities, instead of injecting capital into banks in exchange for shares?

How he and the other finance ministers were so way behind the curve this past weekend in failing to come up with a detailed and coordinated plan to restore confidence in financial markets?

The truth is we were going to have a serious financial crisis no matter what Paulson did or didn't do, thanks to the incredible ineptitude of Wall Street and the nation's financial regulators over the past few years, whether an insolvent and mismanaged investment bank was rescued or not. Lehman was the veritable straw that finally broke the back of the financial camel overloaded with debt. If it hadn't been Lehman, it would have been something else.

Since Lehman's failure, Paulson has moved faster, more aggressively and more deftly than any of his international counterparts in doing whatever was necessary to stabilize the financial system. Yesterday, he and his collaborators at the Fed and FDIC threw everything they had at it -- flooding the banking system with an unlimited supply of dollars, expanding deposit insurance, putting a guarantee on new bank debt, injecting capital into healthy banks, giving the Japanese the assurances they needed to rescue Morgan Stanley, and doing nothing to discourage free-spending Democrats from their plans to offer another big economic stimulus plan. 

The result: the biggest one-day rally on stock markets in 70 years.

I hope you won't think it petty to point out that some of the people who this past weekend were complaining that the Treasury secretary was being too timid in his response to the financial crisis were some of the same people who, three weeks ago, were complaining about his audacity in demanding a "$700 billion blank check." I know I speak for Gov. Sarah Palin and Joe Six-Packs everywhere in pleading that, for Pete's sake, let's cut the guy a little slack.

In putting several trillion dollars in government funds on the line, the country has now done just about everything that Wall Street could have asked to address the financial crisis. The question now, as John Kennedy might have put it, is what Wall Street is ready to do for its country. So far, the answer is not much.

After getting their closed-door briefing yesterday from Paulson on the government's latest initiatives, Wall Street's finest literally ran from the Treasury to their waiting limousines, bypassing a media scrum eager to convey any scrap of wisdom or insight.

Court reporters will tell you they can always tell the innocent from the guilty on these kinds of perp walks, and the Wall Street crowd yesterday looked particularly guilty, unable even to conjure up a soothing word to a nation fretting over its shrunken 401(k)s, or a simple thank you to taxpayers for having saved their bacon. Their silence and invisibility throughout this crisis attests to the moral and political bankruptcy of a financial elite that is the perfect match for the financial bankruptcy they have now visited upon their investors, their creditors and their customers.

After yesterday's "historic" meeting, we are told by industry apologists that we are supposed to be grateful to nine leading banks for having "volunteered" to accept additional capital from the Treasury, along with a government guarantee for newly issued bank debt, even if it means having to accept a dilution of existing shares and a few harmless restrictions on their operations.

Wall Street Roars,

Dow Jumps 936

Following last week's brutal sell-off, U.S. stocks staged one of the biggest comebacks ever Monday as global central banks and governments moved over the weekend to shape a rescue plan for troubled banks and economies. Markets around the world also headed sharply higher.

"This, boys and girls, is what you call a relief rally in markets," wrote Paul Kedrosky in his blog Infectious Greed on Oct. 13. "There are some staggering numbers out there, especially from Germany, Hong Kong, and Brazil indices."

At the close Monday, the Dow Jones industrial average soared 936.42 points, or 11.08%, to 9,387.61 -- the biggest point gain ever. The S&P 500 index climbed 104.13 points, or 11.58%, to 1,003.35, boosted by shares of investment banking and brokerages and auto manufacturers. The Nasdaq composite index rose 194.74 points, or 11.81%, to 1,844.25.

European equity indexes also rose sharply, with Germany's DAX index and Paris' CAC index jumping more than 11% and London's FTSE-100 index rising 8%. Many stock markets in Asia also surged overnight.

"This sort of move was more or less inevitable after the sorts of downbound moves we've seen, so long as nothing imploded over the weekend," Kedrosky wrote. "It will give rise to non-stop cries of "the bottom is in", which I don't believe."

U.S. Treasury futures skidded on Monday, indicating bond yields were rising in reaction to the central bank movements that appear to have relieved panic that prevailed last week. The cash bond market, U.S. banks and government offices were closed Monday for the Columbus Day holiday.

The dollar index was lower as the euro and pound sterling rallied on central banks' moves to inject huge amounts of cash into their banking systems. Gold futures were plunging on hedge fund selling. Oil futures were higher on hopes banking efforts will revive global economies and boost demand.

Governments across the world launched multi-billion dollar bailouts to shore up global banks. Britain called for a new Bretton Woods agreement to reshape the world financial system, according to Reuters. The slew of bank bailouts worth hundreds of billions of dollars were designed to stave off the world's worst financial crisis in nearly 80 years, accompanied by declining global economic growth and the threat of widespread recession.

"Only by global action can we fully restore the confidence that is needed and build the international financial order," said British Prime Minister Gordon Brown. He called on world leaders to create a new "financial architecture" to reflect the global reach of economics and banking, in much the same way that the current international economic system was set up at a conference in Bretton Woods, New Hampshire, in 1944.

After meetings of the G-7 and International Monetary Fund in Washington this past weekend, Western financial leaders sought to assure panicky bankers and money managers in no uncertain terms that all of the measures needed to halt a worldwide meltdown are in motion.

While short on the details many market analysts had hoped for, the broad brushstrokes of forceful, coordinated action by Western governments were unveiled: No more Lehman Brothers-like failures of major financial institutions will be allowed. All bank deposits will be guaranteed. The banking systems of the G-7 nations will be flooded with almost unlimited liquidity. And if all that fails, any other tool—regardless of how economically unorthodox—will be used if needed.

Editor's note: CNN.com has a business partnership with CareerBuilder.com, which serves as the exclusive provider of job listings and services to CNN.com.

Invisible expenses -- a smoothie after yoga class or a burger for lunch -- can quickly deplete your account.

If you find yourself counting the hours until your next paycheck is deposited in your bank, you're not alone.

Almost half of workers live paycheck to paycheck just to make ends meet, a new CareerBuilder.com survey finds.

While we are all advised to earmark some of each paycheck for savings, a quarter of workers say they don't put any money into savings and, of the ones who do, 34 percent set aside less than $100 per month.

Workers don't intend to struggle between pay periods -- it just seems to happen. Nearly two-thirds of workers set a budget for each paycheck, but 19 percent don't (or simply can't) follow it on a regular basis.

The answer for many employees would be to earn more money. Forty-two percent of workers believe an additional $500 per paycheck would allow them to live comfortably. Yet, 21 percent of workers who earn at least $100,000 also claim to live paycheck to paycheck.

Where does all the money go?

Although you budget for rent, monthly bills and groceries, do you factor in going to the movies, eating out for lunch, repairing your car's busted radiator or tailoring your new suit?

When accepting a job offer and setting your budget, think about how much money you need to live your regular, everyday life, not just enough to cover the recurring bills you receive in the mail.

Your invisible expenses -- a smoothie after yoga class or a cab ride after a night of partying -- deplete your account more than you think.

"Consider creating a budget and then writing down all money spent for a month. Compare it to the budget," financial specialist Lisa R. Featherngill advises. "Are there surprises?"

Eating away at your budget

One of the reasons so many workers can't put anything in savings might be their penchant for eating out. You could pack your lunch that morning or make a little extra dinner and take the leftovers to work ... but do you?

You might not be surprised to find out that nearly two-thirds of workers set a budget for each paycheck, but 19 percent say they don't stick to it on a regular basis. Quick bites are often the culprits.

"Most of us don't plan to eat out so often, but there's a delay at work, an appointment takes longer or the subway is running slowly. We're tired and hungry; there's no time to cook, so we end up calling for takeout or running next door for a quick restaurant meal," says Stacy Francis, a financial adviser and president of Francis Financial.

By the time you pay for your meal, you're probably hard pressed to go anywhere without spending at least $5. Factor in a drink or chips and you're closer to $10. Do that more than once a week and you're hitting your bank account pretty hard.

"Saving just $25 a week for 40 years with a 5 percent annual yield will give you more than $165,000; at 7 percent, you'd have $286,640," Francis calculates. "Oh, and double the weekly amount to $50, find a 9 percent return, and you'll have tucked away [more than $1 million] at the end of 40 years."

Don't mess with the necessities

One good expense you might have coming out of your paycheck is a deduction for your health benefits. Although you might think that money's better off in your pocket, it's not. A health issue can be costly; for many Americans it has been the cause of bankruptcy. If you have a spouse or partner who has health benefits, you can see if his or her plan offers comparable or better benefits for a better rate.

The same can be said for your 401(k). It can be tempting to dip into your retirement so you can maintain your current lifestyle, but don't. Although a third of surveyed workers don't contribute anything to a 401(k), IRA or retirement plan, those who do should keep putting in what you can. When your employer matches your contribution, you're taking full advantage of the compensation package that probably lured you to the job in the first place.

Ask what your job can do for you

Of course, sometimes just getting to work can be expensive. By now everybody knows how high American gas prices are and many people have opted to take buses and trains to work instead. Switching to public transportation isn't always an option, however, if you live in some major cities and many rural areas.

One way you might be able to cut back on transportation costs is to work from home as much as possible. If you're lucky enough to have a job and employer that allows this, take advantage of it to save both money and travel time.

Perhaps the best way to save money is to take advantage of benefits that don't cost you a thing. If your company offers an education reimbursement and you're in school, use it. If you can have all or some of your gym membership paid for, find out how. Missing opportunities to get back cash you're already spending is the equivalent of throwing money away.

Sometimes, though, living paycheck to paycheck is not a matter of luxurious spending; it's a simple case of math. You might not be earning enough to ever get ahead. You have to decide whether you're happy with your current salary or if you need to earn more.

Sixty-four percent of hiring managers plan to provide an increase in salaries for full-time, permanent employees in the third quarter of 2008 -- this could be your opportunity to ask for a raise.

U.S. regulators are preparing to expand their response to the financial crisis beyond the $700 billion bailout package that was approved by Congress and signed into law earlier this month, sources familiar with the matter said today.

An additional plan is set to be announced soon, most likely tomorrow morning, the sources said on the condition of anonymity.

Some of the sources said they expect the plan would go beyond the bailout by taking steps to shore up interbank lending, bank health as well as possibly expand deposit insurance beyond the current $250,000.

Treasury Secretary Henry M. Paulson Jr. and Federal Reserve Chairman Ben S. Bernanke will hold a conference call with the chief executives of the nation's largest banks at 3 p.m. today to brief them on the plan.

Treasury declined to be specific, but in a statement the department said, "Treasury and the Fed are meeting today with leading financial market participants to finalize details on a financial market stabilization initiative."

Three agencies that are involved in the crafting of the plan include the Fed, Treasury and Federal Deposit Insurance Corp.