It's not every day that a Republican finance guy -- one who remembers George W. Bush as a "terrific boss" -- writes an op-ed in The New York Times imploring the nation to set up a carbon tax. Not this year, anyway; just a few years ago, it might've been ho-hum.
Once, the carbon tax was the conservative, free-market solution to the climate problem, as opposed to the big-government, heavy-handed-regulation solution. Now that so many Republicans don't accept that there is any climate problem at all, the whole idea just looks like another evil tax to them. And when a former Treasury secretary under the GOP flag steps forward to advocate it -- to insist that we have no choice, we're crazy not to act fast and act big -- it's news.
In June of 2006, Henry Paulson left a position as CEO of Goldman Sachs to become secretary of the Treasury. At the time, Paulson reports telling President Bush and his economic team that he was fairly sure the country was headed for a financial crisis before the end of Bush's last term, based on the size of hedge funds and the lack of transparency in the over-the-counter derivative market, though he wasn't sure how specifically the collapse would happen.