How thoughtful

by Russ Roberts on November 18, 2008

in Politics

Paulson has decided not to tap the second half of the $700 billion TARP:

The Treasury Department isn’t likely to ask for Congress for authority
any time soon to use the second half of the $700 Troubled Asset Relief
Program, Treasury Secretary Henry Paulson said Monday in an interview
with the Wall Street Journal. "I’m going to do what we need to do to
keep the system strong but I’m not going to be looking to start up new
things unless they’re necessary, unless they make great sense," Paulson
said. "I want to preserve the firepower, the flexibility we have now
and those that come after us will have."

Unmentioned in the article is that if he had asked for the authority, I can’t imagine he would have received it. His magnanimous gesture is akin to resigning before you’re fired.

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{ 2 comments }

Jonathan Bydlak November 18, 2008 at 12:46 pm

Russ (and Don),

Not sure if you guys have seen this, but what are your thoughts on CNBC's report that the total size of the financial bailout (at the current moment) is now a staggering $4.28 trillion?

http://www.cnbc.com/id/27719011

Jonathan

seanooski November 18, 2008 at 5:33 pm

Thanks gang! No charge for the extra uncertainty!

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