I want to know what John thinks, not Henry. John is the Paulson whose opinion matters on Wall St. these days.
I agree. This has been obvious since the Bear Stearns rescue. Most people can't see where the turns are in most things. You need to know when the danger is present; you need to know once the danger starts fading. So many hang on to bad stuff when its already on its way out because they want the melodrama to go on.
PG,SLE,UN conference calls, They all said the same thing "We are passing the increasing commodities pricing into our consumers". So That check, you can wipe your A$$ with it heh.
Since the title of the thread is 'The Worse Is Over'..., I really expected to tune in and see " The WORST is now here!".
Bush, Cheney, Paulson, Snow, Bernanke, Greenspan, etc, etc...All a fucking bunch of LIARS. How can foreigners have any confidence in these crooked assholes when they're screwing their own country/population? I haven't seen so many crooked politicians and CEO's in my life as there are nowadays. $100 mill for you...$100 mill for me, etc, etc. Screw the public and the shareholders.
If Paulson said the worst of the credit crisis is over it must be true. His track record has been impressive. 12/25/06: "I don't know whether [housing] has bottomed out... [Whether housing] has bottomed out, not quite bottomed out, or is going to take a quarter or two longer, the thing that we've seen is that other parts of the economy are doing so well that we're just powering through this." 3/13/07: "It's too early to tell whether [housing market] has bottomed. I believe it has. We'll know more in the next month or two." 4/20/07: "All the signs I look at show the housing market is at or near the bottom." 6/20/07: "We have had a major housing correction in this country. I do believe we are at or near the bottom." 7/2/07: "In terms of looking at housing, most of us believe that it's at or near the bottom. It's had a significant impact on the economy. No one is forecasting when, with any degree of clarity, that the upturn is going to come other than it's at or near the bottom." 7/23/07: U.S. Treasury Secretary Henry Paulson said on Monday the U.S. housing market correction was "at or near the bottom." 8/2/07: Secretary Paulson: "No. ... let me be pretty clear about what I've said before. When I said... that there had been a major correction and the housing market was at or near the bottom, I also have said that I thought this would not resolve itself any time soon, and that it would take a reasonably good period of time for the sub-prime issues to move through the economy as mortgages reset... as an economic matter I believe this was largely contained because we have a diverse and healthy economy."
This is an excellent post. Written history does lie, some people do! He is not alone in the world. I had some people here at ET still saying they are right even after the market showed them that I was right (the market was even on my side because the calls turned out to be at the top of a day for three days in a week!). Humans are unbelieveable. (check my threads of last week on Monday, and Thursday). PS: He may say later that he meant by bottom, the lower back parts, in which case he can claim victory as being close or at the bottom always stinks