June 29, 2007

How stupid are Treasury Secretary Walter Paulson's comments on housing looking now?

This quote will be one for the ages. Kinda like "we will, in fact, be greeted as liberators" and "I did not have sexual relations with that woman"

Here's Paulson in all of his laughable, bizarre, corrupt, misguided, lying glory:

WASHINGTON - The major slump in the housing market is nearing an end and should not have a significant impact on the overall economy, Treasury Secretary Henry Paulson said Wednesday.

"We have had a major housing correction in this country," Paulson said in an interview with a small group of reporters at the Treasury Department. "I do believe we are at or near the bottom."

"It doesn't pose a risk to the economy overall," he said.

28 comments:

zoiks said...

_Walter_ Paulson?

Anonymous said...

BUT!...

I bet he has land in Paraguay too!!!!!

decaffeinated said...

This is a cheap shot, Keith. C'mon, ya' think a cabinet officer is gonna' stand up in the middle of a crowded theater and yell fire?

Step back and ask why he made this laughable statement....

[/crickets]

Answer: to forestall the inevitable stampede for the exits until Jan, 2009.

If everything falls apart after that, none of this sticks to Skippy McDumbAss and the GOP. Paulson is a good team player...milking the clock for all it's worth.

2Balls and a cane said...

Paulson 4 Prez! You colonists really deserve it :D

Anonymous said...

Major housing correction= 40% off 2006 prices in CA and AZ.

Correction so far= 2% in Phoenix.

He's so dumb that he can't do math.

Mr Sheeple said...

They are just another in a long list of lies, be we sheeple want the lies, we don't want the truth.

SPECTRE of Deflation said...

He's got so much money that he must of bought Dorothy's Ruby Slippers because that is the only way his BS has any chance.

SPECTRE of Deflation said...

decaffeinated said...
This is a cheap shot, Keith. C'mon, ya' think a cabinet officer is gonna' stand up in the middle of a crowded theater and yell fire?

Step back and ask why he made this laughable statement....

[/crickets]

Answer: to forestall the inevitable stampede for the exits until Jan, 2009.

If everything falls apart after that, none of this sticks to Skippy McDumbAss and the GOP. Paulson is a good team player...milking the clock for all it's worth.

When exactly will you Party Lap Dogs [Republicans and Democrats]learn that it's the elites of both parties that are to blame for our problems? They keep everyone fighting so that they can continue to destroy America. Did the Illegal Alien Amnesty teach you nothing?

Most of the secretaries are goons said...

The goon Paulson is a bold faced liar.

Anonymous said...

BWA HA HA HA!! People lining up overnight to by $600 iPhones. This economy is booming. Stock market is on fire. Nobody but you renting losers gives a shit about $3 gas. Luxury brands are having record sales numbers. Luxury cars too.

All this and you dolts are talking about a depression.

Yeah OK.

Shakster said...

It's up to the man or woman investor to believe or not believe any investment advice,or "guidence".But really,just keep voting,and one day it will all be OK.The government will tke care of everything.
Despite what stupid trash comes out of the Glorified Brokers lips,some scrutinized ,and made money despite it.Why not everyone else?Well,think of what alot of these people have in common.

Anonymous said...

No competent financial professional ever tries to make future predictions about markets.

Anyone worth anything knows predicting market bottoms is a fools game.

This is what it is, blatant propaganda and cheerleading to mislead the weak minded sheeple.

Anonymous said...

WASHINGTON - The major slump in the housing market is nearing an end and should not have a significant impact on the overall economy, Treasury Secretary Henry Paulson said Wednesday.

"We have had a major housing correction in this country," Paulson said in an interview with a small group of reporters at the Treasury Department. "I do believe we are at or near the bottom."

"It doesn't pose a risk to the economy overall," he said.


______


Paulson knows the truth, of course, which is why he bothered to make this statement.

Translation:

"The major slump in the housing market is nowhere an end and it will have a significant, hugely negative impact on the overall economy...

"We have had a major housing correction in this country," ... "I do believe we are nowhere near the bottom. WE ARE ROYALLY SCREWED....."

Anonymous said...

"future predictions" like "past history" are redundant phrases....

A prediction always implies the future, history always implies the past.

K.W. - Southern Ca. said...

Actually, all this cheer-leading is done for an important reason - to prevent panic in the people, and perhaps rioting or worse.

The division of people through diversion is what this administration has done masterfully.


Now, however, people across all income brackets have something in common ... many will loose huge amounts of money due to this housing scam.

The problem is not isolated, it's spinning quickly out of control, and that is what worries congress since it means their control over the people will be lost as well.

Anonymous said...
No competent financial professional ever tries to make future predictions about markets.

Anyone worth anything knows predicting market bottoms is a fools game.

This is what it is, blatant propaganda and cheerleading to mislead the weak minded sheeple.

K.W. - Southern Ca. said...

[... Only a renter gives a @#$%^& about $3 gas ...?]

Do you really believe that?

Anonymous said...
BWA HA HA HA!! People lining up overnight to by $600 iPhones. This economy is booming. Stock market is on fire. Nobody but you renting losers gives a shit about $3 gas. Luxury brands are having record sales numbers. Luxury cars too.

All this and you dolts are talking about a depression.

Yeah OK.

flipping is for coins said...

First, there was no housing bubble. Then there would be no correction - we have reached a permanently high plateau. Now the bubble and correction of that bubble that never existed are over and done with.

These are the people we are supposed to trust? Maybe the mindless sheep flippers and narcissitic realtrolls would follow his words, but any sane logical person holds the entire administration in contempt.

we all fall down said...

All the homebuilders are reporting massive losses this year. Foreclosures are up 90% from last year. Lenders are filing for bankruptcy. The government keeps claiming that prices are still going up. Are we living in the Matrix?

Anonymous said...

Dick Cheney has made George Bush his little bitch

Anonymous said...

Rule one on Wall Street
Do not Panic

Rule two on Wall Street
If there is a Panic, be the first to Panic

If there begins a big meltdown, you can be sure that Paulson and company will be all elbows and assholes getting through the exits. Something tells me that they are well positioned near that exit door.

Smug Bastard

Anonymous said...

BWA HA HA HA!! People lining up overnight to by $600 iPhones. This economy is booming. Stock market is on fire. Nobody but you renting losers gives a shit about $3 gas. Luxury brands are having record sales numbers. Luxury cars too

Well, you think people lining up to pay $600 plus $60 a month for 2 years for a telephone with a few extra features is good news? I think it's proof positive that we're in the last stage of a huge bubble that's about to pop.

WJN said...

"BWA HA HA HA!! People lining up overnight to by $600 iPhones. This economy is booming. Stock market is on fire. Nobody but you renting losers gives a shit about $3 gas. Luxury brands are having record sales numbers. Luxury cars too.

All this and you dolts are talking about a depression.

Yeah OK."

Hey, feller – allow me to fill you in: Given that I bought a place 5 years ago and sold it 2 years ago for DOUBLE the money ($480k), and given that I made another $100k between October and May by identifying and short selling 10 different lenders, and given that I now do not sit in a house that is losing value (do you?), I am having trouble translating the "renter = loser" thing you were just talking about. Please explain to me where I've lost.

It's odd that the more one knows, the better affinity one has for truly objective analysis, the more able one is to separate emotion from finance, the more balls one has to play against the grain and the herd, and the more profit one makes, the more one gets laughed at along the way.

So, Mr. "I'm So Self Assured that I'll Remain Anonymous", as you continue to nervously pore through sites like this dropping tourette's laden comments, stop for a moment and ask yourself:

Who feels more like a sheep right now – you or I?

P.S. Extra credit: go read a few books and see if you can figure out what high energy prices historically does to an economy. Actually understanding what you’re talking about can go a long way in reducing the number of times you end up sounding like an idiot.

Anonymous said...

how soon till impeachment proceedings get started

Anonymous said...

it was an attack by the fed and the banks on the american middle class,suck them in and then BLAMO

serindippity said...

This is a cheap shot, Keith. C'mon, ya' think a cabinet officer is gonna' stand up in the middle of a crowded theater and yell fire?

No. But a non-liar could say something like this:

We have a highly diversified economy. We have experienced business cycles in various sectors before. Life did not come to an end, and they did come back, faster than the pessimists thought. The health of the US economy is good and so is the global economy. Of course, Treasury and my colleagues at the Federal Reserve stand firmly to back up the health and security of the overall U.S. financial system against significant threats, but we will not hand out free money to those market participants who merely made unwise or unfortunate choices, without fraud or coercion. History has proven such interventions to be addictive and economically unwise.

It is not my job to make specific public predictions about any specific business sectors nor to tell people how to run their business. I do remember from my trading days that we had a global financial panic in 1998, and there were predictions of doom. Look where we stand today.

In sum, I conclude with a quote none other than J.P. Morgan, "Never Bet Against America."


See, it's not that hard to be a legitimate blowhard politician instead of a lyreahing one.

Anonymous said...

A few thousand people lining up for iPhones means that houses will resume to appreciate at 25% annually.

Anonymous said...

Face ir dopes, you fucked up. You rented during the greatest housing boom ever. You put your money in 5% cds during the last 4 years and missed out on a hell of a stock market boom.

Admit your failuers and move on.

Anonymous said...

failueres.... what an idiot. Tell us how brilliant you are after you learn how to spell.