HousingPANIC Laughable Quote of the Day By a Bush Administration Official

"Today our primary focus is supporting Fannie Mae and Freddie Mac in their current form as they carry out their important mission"

- Hank Paulson, Goldman Sachs CEO (oops, I mean US Treasury Secretary), July 2008



Bonus:

Is Hank Paulson stupid, or is he just lying because that's what he has to do otherwise the sh*t would hit the fan even faster?

Since Ben Bernanke didn't see the housing bubble smack dab in the middle of it, what makes you think he sees the crash?

Supposedly, unless he was lying, Bernanke, the smartest guy in the room, didn't see the housing bubble. Guess he never found his way over to HousingPANIC or any of the other bubble blogs. Or ever read Manias, Panics and Crashes.

Hell, even bubble-creator Greenspan just thought we had some "froth". He he he he he.

So if Mr. Smarty Pants didn't see the bubble, rest assured HP'ers that he doesn't see the crash. I swear, we are run by monkeys. Here's Ben from October 2005:

Bernanke: There's No Housing Bubble to Go Bust
Fed Nominee Has Said 'Cooling' Won't Hurt

Ben S. Bernanke does not think the national housing boom is a bubble that is about to burst, he indicated to Congress last week, just a few days before President Bush nominated him to become the next chairman of the Federal Reserve.

U.S. house prices have risen by nearly 25 percent over the past two years, noted Bernanke, currently chairman of the president's Council of Economic Advisers, in testimony to Congress's Joint Economic Committee. But these increases, he said, "largely reflect strong economic fundamentals," such as strong growth in jobs, incomes and the number of new households.

"House prices are unlikely to continue rising at current rates," said Bernanke, who served on the Fed board from 2002 until June. However, he added, "a moderate cooling in the housing market, should one occur, would not be inconsistent with the economy continuing to grow at or near its potential next year."

Greenspan has said recently that he sees no national bubble in home prices, but rather "froth" in some local markets.