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A Recent History of the U.S. Economy

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HENRY PAULSON (March 2008): "Our financial institutions are strong." "Our investment banks are strong. Our banks are strong. They are going to be strong for many, many years." PRESIDENT BUSH (September 2007): "I say that the fundamentals of our nation's economy are strong." PETER MAER, (February 2008): "... facing the prospect of $4-a-gallon gasoline, a lot of people facing ..." PRESIDENT BUSH: "Wait, what did you just say?!? You're predicting $4-a-gallon gasoline?!?" "Oh, yeah? That's interesting. I hadn't heard that." CNBC ANCHOR (July 2005): "Ben, there's been a lot of talk that about a housing bubble. Can you give us your view as to whether or not there is a housing bubble out there? BEN BERNANKE: Well, unquestioningly housing prices are up quite a bit. I think it's important to note that fundamentals are also very strong. But I think it's fair to say that much of what's happened is supported by the strength of the economy." PAULSON: I believe that this is going to be largely contained. I don't think it poses a serious risk to the overall economy because we have a diverse healthy economy. (CNBC ANCHOR) He also calmed the fears about the subprime market, which were rippling through Wall St. yesterday, and said, "We're taking a look at it, but right now it doesn't seem to be an issue." BEN BERNANKE: I'm hopeful...I'm confident in fact, that the bank regulators will pay close attention to the kinds of loans that are being made, making sure that underwriting is done right, but I do think that this is mostly a localized problem, and not something that's going to affect the national economy. BARNEY FRANK: We have, I think, an excessive degree of concern right now, about home ownership and its role in the economy. Those who argue that housing prices are now at the point of a bubble seem, to me, to be missing a very important point. You're not going see the collapse that you see when people talk about about a bubble, and so those of us, on our committee in particular, will continue to push for home ownership. JIM CRAMER: (reading letter) "Should I be worried about Bear Stearns in terms of liquidity and get my money out of there?" NO, No, no! Bear Stearns is fine! Do NOT take your money out. Don't move your money from Bear! That's just being silly! Don't be silly! CNBC ANCHOR:The bull scenario seems intact. Am I delusional about this? DON LUSKIN: No, no, you're not delusional. It's the bears who are delusional. If there was ever a buy signal, we got it. You wanna buy em with both hands here, my friend. JIM CRAMER: You should be buying things, and accept that they're over-valued, but, except, that they're going to keep going higher. I know that sounds irresponsible... ...but that's how you make the money. BBC REPORTER: The Treasury Secretary Hank Paulson is being accused of seeking dictatorial financial powers. CNN ANCHOR: The three, trying to sell this $700 billion rescue, didn't see it coming. The Treasury Secretary told NPR last year, of the global economy: And again, last October: PAULSON: This is happening against a backdrop of an economy which in other respects is, is very solid. BERNANKE: We do not expect significant spillovers from the sub-prime market to the rest of the economy or to the financial system. BRAD SHERMAN: Many of us were told in private conversations that if we voted against this bill on Monday, that the sky would fall, the market would drop two or three thousand points the first day, another couple of thousand the second day, and a few members were even told that there would be martial law in America if we voted no. That's what I call fear mongering. JOHN BOEHNER: Not one member has read this. What happened to the promise that we're gonna let the American people see what's in this bill for 48 hours? But nope! We don't have time to do that. FOX NEWS ANCHOR: What is it about the President's stimulus plan that you don't like? GUEST: The basic fact is that I don't think it's going to stimulate anything. BBC COMMENTATOR: This is a problem that's caused by spending and borrowing. And by engaging in more spending and borrowing, you're not gonna solve it. ALAN REYNOLDS: This is just basically wasting money.

Video Details

Duration: 5 minutes and 33 seconds
Country: United States
Language: English
Producer: KramerDSP
Director: KramerDSP
Views: 278
Posted by: kramerdsp on Jun 18, 2009

Various clips of key figures in the US Government and Mainstream Media talking about the economy over the last couple of years.

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