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Friday, 16 May 2008 01:00

Government Flip Flop

You know how I feel on this topic - Reggie Middleton says don't believe 'em ...

"In my judgment, we are closer to the end of the market turmoil than the beginning," Henry Paulson said in the text of a speech he plans to deliver in Washington. "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."

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“Frankly, things may get worse before they get better. As regulators, we continue to see a lot of distress out there,” Sheila Bair, chairman of the Federal Deposit Insurance Corp., said in the text of a speech to the Brookings Institution...“Too many unaffordable mortgages are causing a never-ending cycle — a whirlpool of falling house prices and limited refinancing options that contribute to more defaults, foreclosures and the ballooning of the housing stock,” Bair said.

Hmmm... Who do you believe???

Last modified on Friday, 16 May 2008 01:00

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