Treasury Secretary Paulson tried to ease investors’ fears yesterday. He admitted to The Wall Street Journal that the mess in the markets will "extract a penalty" on economic growth. But… the turmoil is taking place "against a backdrop of a very healthy global economy with strong fundamentals."
"Looking over periods of stress that I've seen, this is the strongest global economy we've had." Paulson opined again this morning, glancing upon his 32-year career in finance.
We’re not sure why, but we suddenly had a flashback: TheStreet.com’s Jim Cramer calmly saying the subprime mess is “meaningless” back in mid July… and then screaming, red in the face and table-pounding angry, that there’s “Armageddon” in the income markets just a few weeks later.
What do you suppose is roiling just beneath Paulson’s skin as he talks the administration’s book? Global economic strength is “meaningless” if investors on Wall Street are watching their retirement funds evaporate.
"Looking over periods of stress that I've seen, this is the strongest global economy we've had." Paulson opined again this morning, glancing upon his 32-year career in finance.
We’re not sure why, but we suddenly had a flashback: TheStreet.com’s Jim Cramer calmly saying the subprime mess is “meaningless” back in mid July… and then screaming, red in the face and table-pounding angry, that there’s “Armageddon” in the income markets just a few weeks later.
What do you suppose is roiling just beneath Paulson’s skin as he talks the administration’s book? Global economic strength is “meaningless” if investors on Wall Street are watching their retirement funds evaporate.
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