The Fact Mirage

A collection of quotes from Treasury Secretary Hank Paulson:

April 20 2007 — "I don't see (subprime mortgage market troubles) imposing a serious problem. I think it's going to be largely contained."


March 16, 2008 — "I have great, great confidence in our capital markets and in our financial institutions. Our financial institutions, banks and investment banks, are strong. Our capital markets are resilient. They're efficient. They're flexible."


May 16, 2008 — "Looking forward, I expect that financial markets will be driven less by the recent turmoil and more by broader economic conditions and, specifically, by the recovery of the housing sector."


November 12, 2008 — "This market has for all practical purposes ground to a halt. Today, the illiquidity in this sector is raising the cost and reducing the availability of car loans, student loans and credit cards. This is creating a heavy burden on the American people and reducing the number of jobs in our economy."



Assorted related quotes:

"If it turns out that [the banks] are hoarding, you’ll have a revolution on your hands. People will be so livid and furious that their tax money is going to line their pockets instead of doing the right thing. There will be hell to pay." - Senator Chris Dodd (D) Connecticut