Monday
Dec012008
Paulson defends objectionable decisions
Monday, December 1, 2008 at 5:01PM
Treasury Secretary Henry Paulson said that although some of his decisions have been unpopular, they have been essential to preserving the free market system.
"Some of the things that I've been part of have been very, very objectionable decisions but they've not been difficult decisions because they are much [better] than the alternatives," said Paulson during a forum on business and policy issues sponsored by Fortune magazine.
When asked if there was any line that he would not cross in order to protect the economy, the Secretary was reluctant to answer.
"You're not going to get me to say 'never' and tell you where I'll draw the line, because if you were to ask me the question a year ago, I would have drawn the line in a different place than I actually did when I was faced with the choice."
Paulson explained that in order to combat the recent economic setbacks, there are several steps that need to be taken, such as creating more effective regulation in the financial system, establishing authorities to deal with non bank institutions, and updating infrastructure to better handle OTC derivatives. The Treasury Secretary contended that taking these actions warrants more immediate concern than finding the origins of the crisis.
"We don't want to rush to a quick conclusion...we should be focusing on getting through the night first and then when recovery is well underway we can look in the rearview mirror and really understand the nature of the problem."
"Some of the things that I've been part of have been very, very objectionable decisions but they've not been difficult decisions because they are much [better] than the alternatives," said Paulson during a forum on business and policy issues sponsored by Fortune magazine.
When asked if there was any line that he would not cross in order to protect the economy, the Secretary was reluctant to answer.
"You're not going to get me to say 'never' and tell you where I'll draw the line, because if you were to ask me the question a year ago, I would have drawn the line in a different place than I actually did when I was faced with the choice."
Paulson explained that in order to combat the recent economic setbacks, there are several steps that need to be taken, such as creating more effective regulation in the financial system, establishing authorities to deal with non bank institutions, and updating infrastructure to better handle OTC derivatives. The Treasury Secretary contended that taking these actions warrants more immediate concern than finding the origins of the crisis.
"We don't want to rush to a quick conclusion...we should be focusing on getting through the night first and then when recovery is well underway we can look in the rearview mirror and really understand the nature of the problem."
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