Paulson warns more hard months are ahead

[Amerigo Vespucci]

Source: MSNBC

WASHINGTON - Treasury Secretary Henry Paulson sought to reassure an anxious public Sunday that the banking system is sound, while also bracing people for more troubled times ahead.

“I think it’s going to be months that we’re working our way through this period — clearly months,” he said.

“We’re going through a challenging time with our economy. This is a tough time. The three big issues we’re facing right now are, first, the housing correction which is at the heart of the slowdown; secondly, turmoil of the capital markets; and thirdly, the high oil prices, which are going to prolong the slowdown,” he said.

“Our first priority today is the stability of the capital markets, the stability of the system. And these institutions have investors all around the world ... and those investors need to know that we in the United States of America understand the importance of these institutions to our capital markets and to our economy and to our housing market,” he added.

Read more: http://www.msnbc.msn.com/id/25769121/

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[Jim__]

1. More hard months are ahead - No Shit!

Where does bush find these clowns?

[Born Free]

9. damn...

I thought it was going to be Pat Paulson and he was going to announce he was running for president again - but heck he may even be dead, I have not seen him since the old "Laugh In" days.

[amandabeech]

21. Actually, I think that Pat Paulson was on the "Smothers Brothers."

I'd like to know what happened to him, too.

We could use a little Tommy & Dick. I can't imagine what they would say about the Shrub.

[Born Free]

26. I think you are right

it was the Smothers brothers...I liked that show better than Laugh In and watched it more often

[amandabeech]

29. My parents thought that the "Smothers Brothers" was subversive.

I had to put up a major fit to get them to let me watch it.

I remember watching in the summer of '67. I was 12 and living in Michigan.

One summer night, we could see lines and lines of thunderstorms coming on shore from Lake Michigan south of us, heading for industrial cities of all sizes that dot the southern 1/3 to 1/2 of the Lower Peninsula.

I turned on the Smothers Brothers at 9, and every 5 minutes or so, an emergency bulletin would come on, asking all national guard, state troopers and sheriffs' deputies to report to duty immediately. Neither my parents nor I had any idea what was going on since we lived in a very small town to the north.

We all stayed up until the 11 o'clock news, which was late for us then, and found out that Detroit, and all the smaller industrial cities were burning. It was the Detroit riots.

I will never forget watching those thunderheads come in that night. It was clearly a portend of what was starting.

[Jim__]

27. Pat Paulsen's Presidential Campaign Slogan: "I've upped my standards. Now, up yours."

Unfortunately, he died back in '97 - (...more)

[Demeter]

14. About 120 of Them, Approximately

See the Weekend Economist Thread (Economy Section) for more.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=114&topic_id=40807&mesg_id=40807

[WorseBeforeBetter]

23. Consider the source. (n/t)

[whistle]

2. Paulson is full of shit, we are in a hyperinflation spiral and the data are being hidden

...as to the real inflation numbers that will be released early next month. I predict the beginning of Federal Reserve interest rate increases starting with a three quarter to one percent hike in August or September for certain.

The flooding of the money supply since July 2007 with over a trillion dollars has done nothing to stimulate the economy, but has certainly caused price speculation in oil futures and nearly all other commodities as well. The double digit price increases spawned by Fed rate decreases and selective money availability to speculators has been a new tax on the American consumers and destabilizing to the U.S. dollar.

[sendero]

15. There is inflation in commodities food and oil....

... and deflation everywhere else. Before long, it will just be deflation.

[alfredo]

18. Is this tied into them not releasing the M3 numbers.

[whistle]

22. Absolutely, it has been all about fraud, deception and extortion

[alfredo]

24. You know Cheney and bush have Swiss bank accounts with our money

in them. They are capitalist, and they will act like capitalist.

[SpiralHawk]

3. "D'oh." - Average American citizens

"Knowing that a cabal of corrupt republicon homelanders is 'leading,' we already figured out a long time ago that they were just going to keep screwing the public to enrich themselves. D'oh."

- Average American citizens

[Faygo Kid]

4. It's been two terms on the gravy train for the venal and greedy, and they are cashing out.

Look for consumers to take it in the teeth as those who brought us such wonderful innovations as the bankruptcy legislation take the money and run, leaving consumers to hold the bag.

The oil and credit card industries, especially, have never had it so good. They will cash out now. You are left with the wreckage.

[givemebackmycountry]

5. Thank You Republican Assholes....

NOBODY is as capable of fucking things up like you guys.
In my lifetime:
NIXON
REAGAN
POPPY BUSH
THE MONKEY

Idiots and assholes, every single one.
Especially, the last one.

[Mnemosyne]

10. That last one is an asshole, an idiot and the 'Idiot Son of an - video song linky!

Idiotic Asshole!'

http://www.bushflash.com/idiot_p.html

[Pastiche423]

19. That's quite a catchy tune

I like it.

[Mnemosyne]

25. Runs through my head

often.

I like it too.

[Webster Green]

6. Didn't they just say that everything is fine, but we're all nuts?

:shrug:

[Snarkoleptic]

7. The gubmint is cooking the books to avoid showing 2 consecutive quarters of neg. GDP.

This is their attempt at shoring up confidence by not admitting we're in a deeeeep recession.
All your dollar are belong to us.

[sendero]

16. Exactly..

... the MSM keeps talking about whether we will see a recession.

What an effing joke. We are deep in a recession already. Unemployment is understated by large amounts, inflation is understated which lets them claim we have GDP growth when we clearly do not.

And the idea that there is "months" of this ahead is truly funny. Yeah, a lot of months. Some would just use shorthand and call it years.

[sarcasmo]

8. I think it's state the obvious week in the media.

[zbdent]

11. remember, in 2000, Repukes were talking this country into a recession ...

of course, it didn't start until well into Bush's reign, but hey, if you can't use facts, you might as well be a die-hard Republican, right?

I've noticed ... Presidential election years are very shaky financial times ... it settles when it's established what direction the country will go ...

In 1992, it was shaky ... and once Clinton got in, it smoothed out and started up ...

In 1996, it was shaky ... but Dole really started to blow it, and the uptick started by October ...

In 2000, it shook for quite a while, with Repuketardittos saying that the market was tanking every time Gore said "count the votes!" ... once it was established who was going to be installed, the economy/stock market really started tanking, and the 'tards erased the dialogues about the economy being in the shitter from their blogs ...

[DallasNE]

12. Nothing In There About Jobs Or Job Creation

It is all about protecting the guys at the top of the food chain. Well, that is what got us where we are at right now. Protect the big boys and it will eventually trickle down. That is the Bush-Paulson-McCain theory of economics. It hasn't worked in the past and it is idiotic to think that it will work now. Why can't these people learn from their past mistakes? Instead, they are doomed to repeating them.

[MadMaddie]

13. Months? Bullshit, it's gonna take years......

The Stock Market is destroying America and that is what they are trying to save.

[whathappened]

17. wtf is wrong with these asshats

they have so many seniors beleaveing in this shit for brains and the stock market , most of the older people have there life savings invested in the markets and received pentants from there returns , my neightbor keeps saying i can;t spend anymore money this month cause i have it invested and can't touch it cause it is down in value right now , so he is sort of rich on paper but has no money , has to live on his ss , for the most part this is true for most seniors , this stock market has there money and they live like poor people

[customerserviceguy]

20. Yep

just last Friday, my company announced it was closing the office where I work, I hope I can get a job in the place where they're going to move it (Pennsylvania). I'd have to drive back and forth every weekend to see my lady, but that beats the bi-coastal relationship we had for a year and a half...

[bdamomma]

28. mission accomplished huh Paulsen, you creep.

[MissMillie]

30. stability of the markets, indeed

if you hadn't deregulated everything as much as you need, maybe things wouldn't be so unstable.

They took risks they couldn't afford to take, and now if we (taxpayers) don't bail them out, we end up in even worse trouble.


What's wrong w/ this picture?