$300 billion for bailout bill #1 in July
$700 billion for bailout #2
California on verge of bankruptcy
Mass looking for federal loans
European banks failing left right and center
All because of the housing implosion which I have been predicting for 2+ years.
But let's stroll down memory lane and see what the "experts" were saying...same experts that have been telling you all will be well after the bailout bill gets passed.
"Retail housing was growing for some time at a level that was not sustainable. I don't see the subprime mortgage market troubles imposing a serious problem. I think it's going to be largely contained"
- Henry Paulson, April 20, 2007
"I think the worst of this may well be over.”
- Alan Greenspan, October 2006
"House prices are unlikely to continue rising at current rates". A moderate cooling in the housing market, should one occur, would not be inconsistent with the economy continuing to grow at or near its potential."
- Ben Bernanke, October 27, 2005
"There is no evidence of a housing bubble in the United States and housing demand should stay strong for years to come."
- Larry Yun, Chief Economist of the NAR July 20, 2005
Remember these quote whenever you hear an "expert" quoted on TV.
Sunday, October 5, 2008