The Paulson doctrine(s): Part 2, as little as possible, if that
[Continued from yesterday's Part 1.]
In our quest to understand Treasury’s recent moves in the market, we’ve identified three overriding principles:
No Great Depression on my watch, got it?
1. Prevent the Second Great Depression
2. Keep the GSEs in the loan-buying business.
3. Do as little as possible, if that
The first is the goal that can never speak [...]
