No debe haber cheque en blanco para Paulson

NUEVA YORK – El paquete de rescate de 700 mil millones de dólares del Secretario del Tesoro de los Estados Unidos, Hank Paulson, se ha topado con dificultades en el Congreso. Y con razón: está mal planeado. El Congreso faltaría a sus responsabilidades si diera al secretario del Tesoro un cheque en blanco. La propuesta de ley enviada al Congreso incluso contenía texto que eximiría a las decisiones del secretario de ser examinadas por cualquier tribunal u organismo administrativo –el sueño cumplido de la administración Bush de un poder ejecutivo unitario.

El historial de Paulson no inspira la confianza suficiente para darle discreción sobre 700 mil millones de dólares. Las medidas que tomó la semana pasada provocaron la crisis que hace que el rescate sea necesario. El lunes permitió que Lehman Brothers quebrara y se negó a facilitar fondos para salvar a AIG. El martes tuvo que dar marcha atrás y conceder un crédito de 85 mil millones de dólares a AIG con condiciones punitivas.

El colapso de Lehman trastornó el mercado de papel comercial. Un importante fondo del mercado monetario “reventó al dólar” y los bancos de inversión que dependían del mercado de papel comercial tuvieron dificultades para financiar sus operaciones. Para el jueves, la especulación contra los fondos del mercado monetario estaba en su apogeo y nunca desde los años treinta habíamos estado tan cerca de una debacle. Paulson volvió a dar marcha atrás y propuso un rescate sistémico.

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.


Log in;
  1. Chris J Ratcliffe/Getty Images

    The Brexit Surrender

    European Union leaders meeting in Brussels have given the go-ahead to talks with Britain on post-Brexit trade relations. But, as European Council President Donald Tusk has said, the most difficult challenge – forging a workable deal that secures broad political support on both sides – still lies ahead.

  2. The Great US Tax Debate

    ROBERT J. BARRO vs. JASON FURMAN & LAWRENCE H. SUMMERS on the impact of the GOP tax  overhaul.

    • Congressional Republicans are finalizing a tax-reform package that will reshape the business environment by lowering the corporate-tax rate and overhauling deductions. 

    • But will the plan's far-reaching changes provide the boost to investment and growth that its backers promise?

    ROBERT J. BARRO | How US Corporate Tax Reform Will Boost Growth

    JASON FURMAN & LAWRENCE H. SUMMERS | Robert Barro's Tax Reform Advocacy: A Response

  3. Murdoch's Last Stand?

    Rupert Murdoch’s sale of 21st Century Fox’s entertainment assets to Disney for $66 billion may mark the end of the media mogul’s career, which will long be remembered for its corrosive effect on democratic discourse on both sides of the Atlantic. 

    From enabling the rise of Donald Trump to hacking the telephone of a murdered British schoolgirl, Murdoch’s media empire has staked its success on stoking populist rage.

  4. Bank of England Leon Neal/Getty Images

    The Dangerous Delusion of Price Stability

    Since the hyperinflation of the 1970s, which central banks were right to combat by whatever means necessary, maintaining positive but low inflation has become a monetary-policy obsession. But, because the world economy has changed dramatically since then, central bankers have started to miss the monetary-policy forest for the trees.

  5. Harvard’s Jeffrey Frankel Measures the GOP’s Tax Plan

    Jeffrey Frankel, a professor at Harvard University’s Kennedy School of Government and a former member of President Bill Clinton’s Council of Economic Advisers, outlines the five criteria he uses to judge the efficacy of tax reform efforts. And in his view, the US Republicans’ most recent offering fails miserably.

  6. A box containing viles of human embryonic Stem Cell cultures Sandy Huffaker/Getty Images

    The Holy Grail of Genetic Engineering

    CRISPR-Cas – a gene-editing technique that is far more precise and efficient than any that has come before it – is poised to change the world. But ensuring that those changes are positive – helping to fight tumors and mosquito-borne illnesses, for example – will require scientists to apply the utmost caution.

  7. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now