Monday, September 29, 2008

LMFAO!! Paulson is an idiot!

WSJ, May 7, 2008:

WASHINGTON -- Treasury Secretary Henry Paulson said U.S. financial markets are emerging from the credit crunch and that "the worst is likely to be behind us," marking possibly the most optimistic comments yet from the Bush administration on the financial crisis.

Mr. Paulson's comments, made in an interview Tuesday, reflect Treasury's view that the administration and the Fed have already taken steps necessary to quell the situation.


Adam Smith said...

These guys have been trying to deny the obvious for years, with Bush claiming we're not in a recession and the economy is sound, Bernanke repeatedly saying "sub-prime has been contained", or Paulson's words quoted above.

This admin played games with the stock market as the Plunge Protection Team, making 'announcements' on options expiration day, leaking 'insider' knowledge (remember the Gasparino put?), interest rate announcements, or telling traders they cannot short-sale financial stocks, all in a vane effort to artifically pump up the market?

NOW WHEN IT'S TOO LATE, suddenly Bush finds no one believes him, when the public knows he's the
boy who cried wolf'. He blew any shred of credibility when he lied about WMD, and having had the past few YEARS to point out the severity of the crisis we face, NOW Congress supposedly has a WEEK to get er' done? No one's buying it.

The market dropped 777 points on Monday, but just came back 500 points today, which in my mind pretty much neutralizes the 'crisis' nature here. Bush had his chance to address this, but instead of making substantive changes or actually ENFORCING laws already on the books, he decides to play games.

Bush fiddled while Rome burned, and it's now too late.

Steve said...

Actually this is the time value investors dream of. Now's the the time to buy a buck for 50 cents.