Below are some quotes from the Treasury Secretary. I was wondering why should anyone trust him anymore; he is either a lier or incompetent, maybe both but I tend to think it is the former. There is no doubt something needs to be done about this crisis. A number of people predicted current events and warned about the dangers as far back as several years ago. Why should we not listen to what these people have to say about solutions to the current problems, but instead blindly and quickly accept this plan, which would probably not even help? This administration is known to consistently use the scare tactic to justify moronic actions that have been disastrous; this is just another one of them in my opinion.May 31, 2006"The risk I worry about the least right now is a dramatic drop in the dollar. And I don't believe there is a general housing bubble. There might be anomalies in certainregions but I don't see a real estate bubble across the U.S."September 16, 2006"U.S. economic growth is settling into ranges more in line with our long-term potential. The residential housing market is cooling from record unsustainable growth rates, but growth in the U.S. economy is being supported by other components. Higher wages, strong company profits and business spending will offset a weaker housing market."December 11, 2006"We have had a correction in the housing industry and we are in the process of transitioning to a more sustainable growth rate.""We do not want Americans to become over-extended and see their dream end in foreclosure."March 13, 2007"The fallout in subprime mortgages is] going to be painful to some lenders, but it islargely contained."April 20, 2007"All the signs I look at" show the housing market is at or near the bottom. The U.S. economy is very healthy and "robust."June 20, 2007"We have had a major housing correction in this country. I do believe we are at or near the bottom. It doesn't pose a risk to the economy overall.""I tried to make clear we will be dealing with the subprime issue for some time and that there will be losses along the way. It is a natural outgrowth of what we've seenin the housing market and certain lending practices. As mortgages continue to reset, this will take time to work its way through the system. But I continue to believe thatthis risk is largely contained. It doesn't pose a significant risk to the economy overall."July 26, 2007I don't think [the subprime meltdown] it poses any threat to the overall economy."August 1, 2007[...worries over problems in the subprime mortgage market spilling over into other sectors.]"The market has focused on this. There's a wake-up call, and there's an adjustment to this repricing of risk, but I see the underlying economy as being very healthy.""As an economic matter, this is largely contained because we have a healthy and diverse economy."September 9, 2007"I never thought of myself as a cheerleader. I believe our economy is healthy."October 30, 2007"I believe there is enough strength in our economy that we will continue to grow through this though housing is the weakest part of the economy."November 23, 2007"I think we're working our way through this. But I also recognize that it's going to take longer for these markets to operate the way they should be, and until they are, there's a certain amount of fragility in the system."December 17, 2007"I don't think what we need is a big government bailout right now. I think what we need is to help the markets work the way they're intended to work and avoid thoseforeclosures that are preventable."January 8, 2008"...let me be clear: There is no single or simple solution that will undo the excesses of the last few years."March 4, 2008"Most of the proposal [bailouts] I've seen would do more harm than good. Investors, lenders or speculators should be accountable for the risks they took. Let me be clear: I oppose any bailout. I believe our efforts are best focused on helping homeowners who want to stay in their homes."March 16, 2008"I've got great confidence in our financial market, our financial institutions. Our markets are resilient. They're flexible. Our institutions, our banks and investment banks, are strong."May 16, 2008"We are still working through housing and capital markets issues, and expect to be doing so for some time. We also expect to see a faster pace of economic growth beforethe end of the year.""We are seeing signs of progress as capital and credit markets stabilize. The markets are considerably calmer now than they were in March.""Some bumps in the road" are likely, especially in the housing sector, but we are closer to the end of the market turmoil than the beginning."
Last edited by EBal
on September 29th, 2008, 10:00 pm, edited 1 time in total.