AP Interview: Paulson says credit crisis may be fading

Source: The Associated Press

WASHINGTON - The worst of the credit crisis may have passed, Treasury Secretary Henry Paulson said Wednesday, while acknowledging that rising gas prices will blunt the effect of 130 million economic stimulus checks. He ruled out a second stimulus package for now.

In an interview with The Associated Press, Paulson said that the turmoil that has gripped Wall Street and took a turn for the worse again in March has eased somewhat. "There's progress," he said. "I think we're closer to the end of this than the beginning."

A prolonged housing slump, a severe credit crisis and soaring energy costs have pushed the economy to the edge of a recession. To help cushion the blow, the Bush administration and Congress speedily enacted a $168 billion stimulus package of tax rebates for people and tax breaks for businesses.

With oil surging to record levels above $123 per barrel and gasoline prices hovering around all-time highs of $3.62 per gallon, Paulson acknowledged that the high price people are paying at the pump would diminish the impact of the stimulus payments that are designed to give the economy a jump-start.



Read more: http://www.msnbc.msn.com/id/24505095/

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Obviously bu$h is sharing his drugs among the regime.

and major combat operations in Iraq have ended.

with kevin philips, who says that the economy is a whole lot worse than the govt and media are letting on.

oh wait, I forgot. this is the same idiot who said, when the so-called stimulus package was announced, that it was our JOB to go out and spend the rebates.

except, contrary to Vonnegut's understanding,* these are not "harmless, comforting untruths," but wicked lies designed to lull the gullible into supporting more of McSame.


(Kurt Vonnegut, Wampeters, Foma & Granfalloons, 1965 -- Foma: harmless, comforting untruths, e.g., "Prosperity is just around the corner.")

the stimulus payments '

ya think?

NOT

:party:

The credit crisis is still unwinding, as we speak. It's just been moved off the front page, and it's now being hidden from view. Until the next Domino falls, that is.

Don't be fooled by Mr. Paulsen and Mr. Bernanke. They know the true state of the economy.

Next domino expected

a) Countrywide
It looks like B of A might renege on its offer to buy the bankrupt lender. The nation's largest, by the way.
b) Lehman Brothers ~ taking on water.
c) Morgan Stanley ~ adrift at sea
d) Citibank ~ paddling for all they are worth, but a very strong wind blew them off course.

No other entities are buying mortgages for slicing and dicing. It sort of slows things up.

In addition, our economy has to generate something like 250,000 new jobs every month to keep up with new people entering the labor force from immigration and natural increase.

Anyone think that's happening?

:eyes: Go the the Stock Watch Thread for real information.

I would think the government could offer a little more assistance to tax paying people and not just vitrually give money away to banks and investment firms.....

This guy doesn't have a clue.... Or could he be BullShitting us, like the Bush Administration has done all along....?


We need a change in Washingtion check out - http://www.barackobama.com/issues">Barack Obama's "The Blueprint For Change"

My IRAs and 401(K)s are paying much less interest TO me than my student loans and mortgage are charging FROM me. I'm getting less than the inflation rate -- far less than the real inflation rate -- in interest on my pension fund investments. And at my age that really, really hurts.

I'm paying for the foolhardiness of the financial institutions. When the Bush's supercapitalist friends stole from savers in order to make all those bad mortgage loans, they stole from me and other older people like me. What a country! Instead of establishing a national pension fund system, it creates a private saving boondoggle system and then allows the rich to manipulate the system to steal from the seniors.

It's a crime. That's what it is.

I'll vomit one more time

In mid-1930, they thought the Great Depression was just going to be a mild recession. Looks like they are going to make the same mistake again.