Treasury Secretary Henry Paulson will go down in history along with Ben Bernake for providing the right response to the current world credit crisis.
From a opportunity cost perspective it is in the same magnitude as the cost of 9/11. The Bush Administration, with the experience of 9/11 has responded in the right way: moving fast and decisively to contain and provide a workable solution.
He has been preparing and researching the current scenarios since the Bear Sterns collapse and have been preparing solutions using his expertise as the CEO of Goldman Sachs.
He hired and consulted some of the best minds on Wall Street to come up with solutions and more importantly understand the details of the causes of the crisis. For example his team had analyzed over 10 million individual mortgages of Fannie Mae and Freddie Mac before they moved in and put the two government sponsored entities into a conservancy.
History will show that the opportunity cost of not doing anything or another approach would have been too costly for the American and world economy.