Sunday, March 23, 2008

Rubin: ‘A Lot Of Trouble Could Lie Ahead’

clipped from
Appearing Friday night on Bloomberg’s “Political Capital” television program, former Treasury Secretary Robert Rubin called for quick action to address surging home foreclosures
“I think – it clearly has undesirable side effects; it has moral-hazard effects; it has bailout effects. On the other hand, I at least think that while we could get through this without substantial additional trouble, the risks are high enough or great enough where I think it should be very, very seriously considered.”
I think there’s also a very real possibility that a lot of trouble could lie ahead.
And at least my view, since we’re in uncharted waters, and I don’t think there’s a way to make a probabilistic judgment about where you are in that spectrum, I think we need to take these risks very seriously and I think that we should – from a policy perspective – take whatever measures we can find that we think are sensible to try to reduce that risk,” Mr. Rubin said.
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