If Paulson is saying it, it’s a lie.
What’s he saying anyway...ah it’s something that would get him off the hook. Imagine that.
I believe every word makes sense to me...
There needs to be a buyer.
A dump means a seller, soon it will be apparent that it is the ChiComs. The Reds will lose a bundle to par, interest rates may rise for a short while then reverse.
In the scheme of things, the Communists don't own enough to cause a worldwide event.
yitbos
"Russians made a “top-level approach” to the Chinese “that together they might sell big chunks of their GSE holdings to force the U.S. to use its emergency authorities to prop up these companies".
It never happened - it didn't need to because Fanny and Freddie [GSE's] were insolvent and had to be bailed out without pressure from Russia, China or anyone else.
The reason that they were insolvent is that the Democrats, Frank, Waters, Schumer et al resisted Bush administration attempts reign in their sale of sub-primes with regulation.
There is a YouTube tape of a 2005 hearing where the Demos were saying that the GSE's were just fine, not in any trouble at all, that they should even up the pace of sub-prime sales. Probably scrubbed by now but it made the rounds around election time.
The secondary effect of this was the Banks had to find a way to unload all of this politically inspired crap debt. That Goldman Sachs was good at that is only a small part of the story.
I agree Paulson’s a liar and not to be trusted, but even Satan used scripture to lie.
No, this makes perfect sense. The bastard kept this information until he thought he could leverage some personal gain. Sell books, rebuild his image.
Maybe Bernie Madoff could come up with a better story....