Wednesday, September 24, 2008

Definition of idiot: A person without learning; an ignorant; uneducated man; a simple man; a clown (Webster dictionary)

I think in these time where the US turns into a Socialist state - In a time where the public at large is being lied to again and again and again - In time of total distress we need to look at who we should trust or not - Paulson called upon us to 'trust him' ... being a simple guy I like to look at persons integrity and intellect before commiting my and other hard-earned tax money;

The following was sent to by a friend.. I think it will "let the picture stand.." as they say in TV....

Paulson on crisis et al:

April 2007
"I don't see (subprime mortgage market troubles) imposing a serious problem. I think it's going to be largely contained"

May 2007
"We think it is near the bottom. It will take a while to work its way through the system. Fortunately for us, we have a very diverse, healthy economy. There are other things that are positive that are offsetting that.

…So my very strong view is that we are near the bottom and that this will be contained as — the housing will be contained, and we're fortunate that we have a diverse, healthy economy."

August 2007

"There's a wake-up call, and there's an adjustment to this repricing of risk, but I see the underlying economy as being very healthy,"
Paulson added that he did not see anything that caused him to reconsider his view that the economic damage from the housing correction was "largely contained," despite losses in a number of financial institutions and a long period for subprime issues to move through the economy.

Oct 2007
"I have no interest in bailing out lenders or property speculators."
" I can't think of any situation where the backdrop of the global economy was as healthy as it is today,"

May 2008
"'The worst is likely to be behind us,' Paulson told the paper, in one of the most optimistic comments by a top U.S. finance official since sub-prime mortgage losses set a domino effect in motion in mid 2007.
Paulson said it would take 'some months longer' for the situation to stabilize and cautioned there would likely be further 'bumps along the road'.


Anonymous said...

Hi Steen,

a growing US deficit > higher US yields and a downward pressure on the USD... That's ok, but low yielding currency (i.e. JPY and CHF) should sooner or later feel the pinch as well, don't you think?

1H-2008 currency markets' driver seem to have been inflationary concerns, then growth concerns from August on and now back to a desperate search for a store of value... EUR & GOLD higher?


PS: did you really play with Michael Laudrup? Great player, but his brother Brian was even better... at least for a FIORENTINA fan, like me! You know, Danish flags are quite common at FIORENTINA home matches, due to Martin Jorgensen and Per Billeskov Kroldrup...

Saxo Macro said...

Where did you get that info from? But yes I did....and for the record.. Brian was never even close to his brother... check out the wins Michael had relative to his brothers..and their clubs....;-)

Anonymous said...

Well, I surfed your site... I know Michael was a much better player than Brian, but unfortunately he played for JUVENTUS TURIN for a long while, and that's not good for a FIORENTINA supporter!!