Scary stuff: Paulson and Bernanke privately said we were just days away from a complete meltdown of our financial system
September 20th, 2008 at 10:01am Pat Cunningham
THIS is pretty frightening.
UPDATE: President Bush SAID this morning that the U.S. financial system had become a “house of cards” and “we were worried about the whole deck coming down.”
Belated candor from the guy who presided over this disaster.
Entry Filed under: Uncategorized
13 Comments Add your own
1. Billybeermonicagar | September 20th, 2008 at 10:37 am
Schumer and Dodd-two pillars of the democrat society
2. Pat Cunningham | September 20th, 2008 at 10:50 am
BillyBeer: Your comment is not only pointless and irrelevant, it’s also ungrammatical. The word “Democrat” is never an adjective. It’s only a noun. There’s no such thing as a “Democrat candidate,” a “Democrat agenda,” a “Democrat proposal.” Pick up a dictionary some time, Publican.
3. swamprat | September 20th, 2008 at 10:53 am
Bush and his financial advisors- Lurch and the Adams family.
4. Billybeermonicagar | September 20th, 2008 at 11:08 am
Pat, I stand corrected. Shumer and Dodd–two great guys with my best interests at heart! Swamp, how is your \’retirement\’ account doing?
5. swamprat | September 20th, 2008 at 11:36 am
Billybeer. My retirement account is intact. I saw this coming 3 years ago. The Republicans didn’t. Or did they?
6. Billybeermonicagar | September 20th, 2008 at 12:24 pm
Only your hairdresser knows for sure.
7. MDH | September 20th, 2008 at 12:32 pm
The current meltdown shares some eerily similarities with how the state is handling pension funds. They haven’t funded the pension debt in hopes that the growth of investment funds will outpace the growth of annual debts.
Here’s to the soon to collapse state pension funds!!
8. hokumboy | September 20th, 2008 at 2:11 pm
MDH,
you sound as you’re looking forward to it?
9. swamprat | September 20th, 2008 at 3:06 pm
Paulson has been saying over and over for a year or more that everything is fine and “contained.” That the system requires “confidence.”
Bernanke has his money in Canadian treasuries.
Then president “sock puppet comes out and says “it’s a house of cards about to fall down. Wow! That ought to inspire confidence. I think we better hold our breath for the next 4 months.
10. Billybeermonicagar | September 20th, 2008 at 3:15 pm
Please do.
11. swamprat | September 20th, 2008 at 10:42 pm
Billybeer. You’ll be the one holding your breath when the trap door opens on your retirement account. Just wait until the foreigners figure out the US is unable to pay back all that money they used to buy our debt which kept our interest rates down for so many years. And you thought it was Bernanke and Greenspan that kept interest rate down. It was the foreign governments recycling the money you spent on big screen TV’s and cars. When they find out, they will stop funding our $500 billion a year interest payment and we will pay that ourselves. That is when the abyss opens up there will be no stopping a debt spiral.
Say Hi to YOUR hairdresser when you hit the bottom.
12. MDH | September 21st, 2008 at 7:43 am
Hokumboy,
No, sorry if my tenor sounds as if I’m looking forward to it. Absolutely not. My point is, we’ve identified a problem and the severity of it. Let’s see if our political leaders take action to avoid the future meltdown of the state and make politically hard (yet absolutely neccesary) decisions to avoid the same fate. Serious decisions need to be implemented to save the sytem…….it is built upon the same house of cards.
Or, perhaps politics will continue to rule and they wil continue to avoid the issue.
13. Billybeermonicagar | September 21st, 2008 at 1:37 pm
Swamp,So your retirement is safer than mine? Don’t we both have our SS? Both parties have been telling us that SS won’t be around for some of our younger working people. Will our best and brightest pols use the SS system to finance this huge debt? Then where will you be. Here is an invite. I’ll come by in my SUV and bring you back to my place and we can watch the Packers on my big screen. I’ll be the guy as bald as James Carville who is as nice as his wife Mary. No need for a hairdresser here!
Leave a Comment
Some HTML allowed:
<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>
Trackback this post | Subscribe to the comments via RSS Feed