From a risk management perspective, there was no reason not extend emergency lending programs: Fmr. PIMCO chief economist Paul McCulley
Paul McCulley, former PIMCO chief economist and senior fellow at Cornell University, says it was terrible timing for Treasury Secretary Mnuchin to stop emergency lending programs from extending onto next year. "They didn't have to do it now. They limited it to a degree of optionality or flexibility the new treasury secretary would have.... You shouldn't be throwing sand into your successor's job," McCulley said.