Wow.. he really has a foot in the mouth, cant coherently put 2 sentences together.. and did not say anything important.. nothing about "taboo" topic..
His speech was about reforming the financial system as it revolves around rating agencies and mortgage-backed securities. It was not suppose to be a speech on what needs to be done to fix everything RIGHT HERE AND NOW. He admitted that the situation of "de-leveraging" is almost too complicated to figure out. It's very difficult to try and save the "good" collateral from the "bad" collateral because in most instances it is all wrapped-up and intertwined together, etc. He stated a number of "reforms" regarding how various instruments like corporate vs muni need to be distinguished in their ratings, etc., mortgage brokers need to be held to higher licensing standards, conflicts of interest between rating agencies and issuers need to be addressed, etc. These reforms are a couple of years too late, but they will no doubt come. At the end of the day, he knows as well as anyone that the key going forward in the markets is CONFIDENCE.
hes back on tv week after week....why? what is he going to say that is going to change anything, the dow is sitting at intraday lows as he speaks...
The content of his "reform" speech was already published earlier today. The markets already knew what he was going to say, or were you not aware of this?
He's a liar. His stilted remarks about the admin's "strong dollar" policy are a travesty. The market believes Paulson on the dollar about as much as they trusted Rumsfeld on WMD's. Nixon and Clinton look honest comparatively.......
The next thing he is going to start saying is "I'm under strict orders not to talk about the dollar."
kudlow is now finally worrying about a weaker dollar as well, thats all he talks about on his show now......
He'll be talking about it for long time because this administration will get out of Iraq before they'll ever defend our currency. (meaning never)