Three Big Machines
byon 09-22-2008 at 12:15 AM (3599 Views)
"I don't know whether [housing] has bottomed out... [Whether housing] has bottomed out, not quite bottomed out, or is going to take a quarter or two longer, the thing that we've seen is that other parts of the economy are doing so well that we're just powering through this."
Hank Paulson, Secretary of the Treasury
15th December, 2006
"It's too early to tell whether [Housing Market] has bottomed. I believe it has. We'll know more in the next month or two."
March 13th, 2007
WASHINGTON, March 28 (Reuters) - U.S. Treasury Secretary Henry Paulson said on Wednesday damage to the American economy from the housing market downturn and subprime mortgage foreclosures "appears to be contained".
Paulson, testifying before a House Appropriations subcommittee, said the Treasury was monitoring housing market developments closely but was encouraged by signs that the housing downturn was at or near a bottom.
"This is a complicated issue, but from the standpoint of the overall economy, my bottom line is we're watching it closely but it appears to be contained," he told the panel's financial services and general government subcommittee.
March 28th, 2007
"All the signs I look at [show] the housing market is at or near the bottom."
April 20th, 2007
May 22 (Bloomberg) -- Shares of U.S. homebuilders, led by M/I Homes Inc. and Standard Pacific Corp. jumped on speculation that housing demand may rebound after U.S. Treasury Secretary Henry Paulson said the slump in demand was largely over.......
Paulson, who is meeting with Chinese officials today, said in an interview on CNBC the housing slump was ``largely contained'' and that the market's correction was mostly ``behind us.''
May 22nd, 2007
"We have had a major housing correction in this country. I do believe we are at or near the bottom."
June 20th, 2007
"In terms of looking at housing, most of us believe that it's at or near the bottom. It's had a significant impact on the economy. No one is forecasting when, with any degree of clarity, that the upturn is going to come other than it's at or near the bottom."
July 2nd, 2007
U.S. Treasury Secretary Henry Paulson said on Monday the U.S. housing market correction was "at or near the bottom".
July 23rd, 2007
Secretary Paulson: "No. ... let me be pretty clear about what I've said before. When I said... that there had been a major correction and the housing market was at or near the bottom, I also have said that I thought this would not resolve itself any time soon, and that it would take a reasonably good period of time for the sub-prime issues to move through the economy as mortgages reset. But that as, even though this, and it is a cause of concern, the impact on individual homeowners, and we care a lot about that, but I said as an economic matter I believe this was largely contained because we have a diverse and healthy economy."
August 2nd, 2007
"Our banking system is a safe and a sound one."
July 20th, 2008
Saying that the American economy may fail if Congress fails to act on his proposal, Treasury secretary Henry Paulson is pushing for powers that have little historical precedent in our country, a sort of blank check from the American taxpayer that he says will help end this crisis........
Indeed, Paulson is reaching for unchecked power here — the proposal sent to Congress on Saturday stipulates that “decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.”
The Treasury is seeking authority to buy up to $700 billion in bad assets — mortgages, residential mortgage-backed securities, commercial mortgage-backed securities — although the total amount may end up being much higher. According to the proposal, the Treasury wants authority to buy up to $700 billion “outstanding at any one time,” meaning the total amount purchased may be much, much greater.
Sam : I'm sorry, but he knew about our gettin' hit on three big machines in a row and he did nothing about it. That means either he was in on it or, forgive me for saying this, he was too dumb to see what was going on. Either way, I cannot have a man like that workin' here.