Treasury’s Paulson say no plans to further tap TARP funds – Reuters (11/18/08):

The U.S. financial system is stabilizing and the government does not plan to tap the remaining $410 billion of a financial rescue fund unless a further need arises, Treasury Secretary Henry Paulson told the Wall Street Journal in an interview published on Tuesday.

Paulson said he was unlikely to use the remains of the $700 billion bailout to launch substantial new programs, preferring to keep money in reserve for unforeseen emergencies and to preserve flexibility for the Obama administration.

Paulson May Ask for Remaining $350 Billion of TARP – Bloomberg (11/24/08):

Paulson may ask Congress for the remaining $350 billion from the Troubled Asset Relief Program as he puts together plans to boost consumer credit. Treasury and Federal Reserve officials are working on an effort to buttress the market for securities backed by auto, student and credit-card loans, Paulson said last week. He’s also assembling an office to address mortgage foreclosures.

The Hank Paulson theory of accelerating idiocy is gaining steam. Kudos to Robert Schmidt and John Brinsley for fighting the urge to pretend that Paulson isn’t a total flip-flopping moron, devoid of any credibility or competence.