This is my Blog about the BS the Treasury Secretary told us in August:
Treasury Secretary Paulson LIED About Economy
By COL Gene
Posted Sunday, August 19, 2007 on Bush Truth
Discussion: Politics
This week Secretary Paulson said the U.S. Economy was just fine. NOTHING could be further from the truth and we again see the White House SPIN DOCTORS at work. Paulson points to the continued creation of jobs but he does not acknowledge that those newly created jobs are paying substantially less then the jobs that were lost. He does not acknowledge that almost 14 Million Home mortgages are in danger or that mortgages companies are in danger of failing including the nations largest which holds 20% of ALL home loans. He does not acknowledge that personal debt is at an all time high and people are falling behind on their credit card payments. I guess he has also not looked at the Stock Market this past month. Heating oil is also predicted to be higher this winter.
He has not acknowledged that low end retail sales are falling and even Wal-Mart sales have not kept up with inflation. Why did the Federal Reserve cut interest rates by ½ % in the middle of their monthly cycle? There are VERY fundamental problems with the U.S. Economy and to have the Treasury Secretary say all is just great with the economy is wrong. This White House substitutes SPIN and politics for truth and reality.
Lou Dobbs asked the question on Friday if his viewers believed the Treasury Secretary about the U.S. Economy. 95% said they did not believe the statements made by the Treasury Secretary. The last good Treasury Secretary was Paul O’Neil. He told it “like it is” and Bush fired him two years into his first term. The Bush administration is just about the most dishonest and ineffective administration in the history of our Republic. I guess they mirror the attributes and abilities of the President!
Here is what he had to say today:
Paulson Urges Action on Housing Crisis
By MARTIN CRUTSINGER, AP Economics Writer
5 HOURS AGO
WASHINGTON - Treasury Secretary Henry Paulson called Tuesday for an aggressive response to deal with an unfolding housing crisis that he said presents a significant risk to the economy.
In the administration's most detailed reaction to the steepest housing slump in 16 years, Paulson said that government and the financial industry should provide immediate help for homeowners trying to refinance current mortgages before they reset at much higher rates.He also called for an overhaul of laws and regulations governing mortgage lending to halt abusive practices that contributed to the current crisis.
"Let me be clear, despite strong economic fundamentals, the housing decline is still unfolding and I view it as the most significant current risk to our economy," Paulson said in a speech delivered at Georgetown University's law school. "The longer housing prices remain stagnant or fall, the greater the penalty to our future economic growth."
In his most somber assessment of the crisis to date, Paulson said that the housing correction is "not ending as quickly" as it had appeared it would and that "it now looks like it will continue to adversely impact our economy, our capital markets and many homeowners for some time yet."
This administration is one Spin after another. Now that the situation in housing is so visible that great economy we were told about last month is now a crisis! .