Tuesday, October 16, 2007

Rich And Dumb

That would describe our current Secretary of the Treasury, Hank Paulson, your average Wall Street billionaire who said this at Georgetown:

"Let me be clear: Despite strong economic fundamentals, the housing decline is still unfolding, and I view it as the most significant current risk to our economy,” Mr. Paulson said in a speech at a Georgetown University law forum. “The longer housing prices remain stagnant or fall, the greater the penalty to our future economic growth."

Right. Housing price inflation - cornerstone of American economic greatness. Hmm. Now that you mention it, maybe it is.

Paulson sounds like a North LA County realtor, but that doesn't make him stand out. There's all sorts of statements from Fed Chair Bernanke that contradict themselves in mid-paragraph, which is considered a sign of moderation and good judgement in the financial world. They actually have no idea what's going on right now. They only have about 2 tools anyway to fix a machine with six billion parts - interest rate levels, money supply. Frighteningly helpless strutting around from people who control all the money anyway.

Meanwhile: "Foreign Investors Flee US Securities"
"Europe Records Unprecedented Outflows"

Forget about it. Read Colbert on the US Election. My only laugh in the paper this week, and I'll take what I can get.

1 comment:

SurferGirl said...

Colbert's so good... His book is getting mixed reviews, but I'm planning on giving it a try anyway.
His presidential "involvement" reminds me of that of Coluche in the 80s... Wonder how it will end...