These guys are baffoons! Keystone cops! A vaudeville sideshow act! Both of them are stooges of the financial sector and have done nothing but clusterize an already bad situation. "All is well! Do not flee, we support the current structure of the GSE's!"
I posted my contempt for Paulson this Winter as he refused to acknowledge the weak dollar and he kept saying "We have a strong dollar policy!" The guy is a friggin macaroon! Bernanke doesn't know whether to sh!t or wind his wristwatch...let's make free money available to more starving institutions (Fred and Fan) via the short term fed window! Line 'em up, get your billions while they still have some value!
We are at the edge of the cliff and the only thing scarier than forced governmental control and oversight of our financial system is that these two idiots will be the ones at the helm!
With out securitization via the GSE's we are about to see the most drastic upheaval in the mortgage loan system that we have ever seen. It will make the last 12 months seem like a few bee's at a picnic.
Yes, I have been a "sky is falling" guy for the past 1.5 years and while I hope I am wrong, unless Jesus shows up and performs a "water into wine" miracle...we very well could be at the the critical moments before the plane slams into the side of the mountain.
The descent of a plane without landing gear is scary, but not nearly as painful as the impact and crash. We haven't made impact yet!
Get ready for a wild 2 weeks. The GSE's are toast in their current form and function. The US dollar is going to be good for toilett paper AND if Israel decides to take action in Iran, we will have a regular economic cluster screw of historic proportions.
I hope I'm wrong...I pray for a rabbit to be pulled from the hat.