“This is far and away the strongest global economy I’ve seen in my business lifetime. For your average globetrotting Fortune 500 CEO, right now is about as good as it gets.”
Secretary of the Treasury Henry Paulson, in the July 23, 2007 Fortune [The subprime disaster was apparent within a month.]
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“We have a good deal of comfort about the capital cushions at these firms [Bear Stearns, Lehman Brothers., etc] at the moment.”
SEC Chairman Christopher Cox, March 11, 2008, several days before they collapsed.
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“There’s no doubt that things feel better today, by a lot, than they did in March. Looking forward, I expect that financial markets will be driven less by the recent turmoil and more… by the recovery in the housing sector.”
Secretary of the Treasury Henry Paulson, May 12, 2008
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“It’s a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation.”
Secretary of the Treasury Henry Paulson, May 12, 2008