Tuesday, September 30, 2008

Sleep Easy, Those in Charge Know What They're Doing

"No one knows what to do. We are in new territory here. This is a different game. We're not here playing soccer, basketball or football, this is a new game and we're going to have to figure out how to do it." Senate Majority Leader Harry Reid

“This action does entail risk.” George W. Bush
I feel better now

Jan-2008: Democratic Rep. Marcy Kaptur of Ohio launched into a lengthy question to Ben Bernanke during the Fed chairman’s House testimony about community banks, securitization of home loans and investment banks’ role in the crisis, ending with this point: “Seeing as how you were the former CEO Of Goldman Sachs…”She was quickly stopped by Mr. Bernanke and the laughter in the room. “I’ve got the wrong firm?” she asked, before being corrected that she was thinking of Treasury Secretary Henry Paulson. “Oh, OK. Where were you, sir?” Said Mr. Bernanke: “I was the CEO of the Princeton Economics Department.”
She’s one that will be casting another vote on Thursday.

“Economics is something I don’t really understand.” John McCain

“This all started with the subprime mortgage crisis.” Barack Obama

It started in 1982 with Reagan/Voelker and the Fed’s credit machine. This is a 26 year issue, not a 2 year issue. The system and problem is much greater than the mortgage market.

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