Hank Paulson (7/22/08):
“Obviously, it will go on beyond months with some of the issues in the housing market, but I believe we can get to the point within months where we turn the corner on housing,” Paulson said in a televised interview with Fox Business Network.
He said the corner would be turned at the point […]
Paulson braces public for months of tough times - AP (7/20/08):
Treasury Secretary Henry M. Paulson Jr. sought to reassure an anxious public today that the banking system was sound, while also bracing Americans for more troubled economic times ahead.
“I think it’s going to be months that we’re working our way through this period — clearly […]
Fannie, Freddie Adequately Capitalized: Lockhart - CNBC (7/8/08):
Mortgage financiers Fannie Mae and Freddie Mac are adequately capitalized and continue to be active in the mortgage market, said James Lockhart, director of the Office of Federal Housing Enterprise, which regulates the two enterprises.
“Both of these companies are adequately capitalized, which is our highest criteria,” Lockhart said […]
Your Treasury Secretary Hank Paulson just three months ago:
“I do believe that the worst is likely to be behind us.”
At the time, I offered to have that statement tattooed on my forehead if it proved true. Well, this week saw possible insolvency in the two largest mortgage guarantors, Fannie Mae and Freddie Mac. […]
US looks at Fannie, Freddie contingency plans - Reuters (7/10/08):
The Bush administration has had discussions about contingency plans in the event that giant government-backed mortgage-lenders Fannie Mae and Freddie Mae falter, the Wall Street Journal reported on Wednesday.
Shares of the two companies have taken a beating recently on worries about whether they can withstand more […]
Calculated Risk points to this shocking WSJ story on construction loans gone wild.
According to the Federal Deposit Insurance Corp., $45.4 billion of the $631.8 billion in construction loans outstanding at the end of the first quarter were delinquent. When banks announce second-quarter results in coming weeks, they are expected to report sharp increases in loans […]
President Bush Departs for Europe - Whitehouse.gov (6/9/08):
As well, I’ll talk about our nation’s commitment to a strong dollar. A strong dollar is in our nation’s interests. It is in the interests of the global economy. Our economy is large and it’s open and flexible. Our capital markets are some of the deepest and […]
Paulson says markets emerging from crunch - Reuters (5/7/08):
U.S. Treasury Secretary Henry Paulson said U.S. financial markets are emerging from the credit crunch that many economists believe has pushed the country to the brink of recession, according to The Wall Street Journal.
“I do believe that the worst is likely to be behind us,” Paulson told […]
One week ago I bottom-ticked (nullus?) the President Bush Dishonest Rhetoric Market™. Had I made a purchase at those levels, I would have been cleaned out:
Bush: White House ‘clear and candid’ on economy - USATODAY.com
President Bush, defending his record and his rhetoric, said Saturday that his administration has been “clear and candid” about the […]
Remarks by Treasury Secretary Henry M. Paulson (3/26/08):
Historically, commercial banks have had regular access to the discount window. Access to the Federal Reserve’s liquidity facilities traditionally has been accompanied by strong prudential oversight of depository institutions, which also has included consolidated supervision where appropriate. Certainly any regular access to the discount window should involve the […]
