Having seen this week Henry Paulson’s latest words of wisdom, “Later this year, I expect growth will pick up.” (Paulson sees end), I declare he is a guy stood in the eye of a hurricane proclaiming that the worst of it is over. I’d have thought after spending $150 billion he would have managed to buy a clue, but then I remember that he’s give up on serious economics, and now wants to give this recession a political makeover so that his boss, President Bush, isn’t blamed for causing this mess.
This idiot actually thinks that not only can America spend its way out of trouble, but that the turn around will be seen well before the worst of the recession has even got underway. I’ve heard of stupid blind optimism before, but this lack of understanding can only be put into context by knowing he won’t be around to deal with this situation much longer, so its open season for any and all stupid comments.
I mean, its well known for being a strategy that works; as you enter a big recession try and spend your way out of it, because its not like a spending binge got you in this mess in the first place. 
Besides the fact that this gamble won’t work, and will only make matters worse, he lacks any incentive to be truthful because he won’t be around to live with the aftermath. As far as this genius is concerned its a win-win strategy.
I think this would be a good time for a recap on how well this guys superb predictions have stood up so far, so we can see what to make of this latest gem of wisdom:
22 October - “The consensus was that markets are better than in August,” said US Treasury Secretary Henry Paulson. “It has been slowly improving, but it is going to take a while.” (World economy now recovering)
3 December – “Mortgage lenders and regulators are close to finalising an aid plan for homeowners hit by the credit crunch”, US Treasury Secretary Henry Paulson said. (Mortgage aid close)
The length of time between these two comments = exactly 6 weeks. His latest comments are only 8 weeks and 2 days after the total collapse of Bear Sterns bank (17th March). He could have at least waited until the end of May when Americans had spent their governments cash, before he declared victory.
It seems that Paulson’s idea of how long this recession lasts will be 15 months, with it starting around July 2007 and ending between October and December 2008. This would mean that the economy has gone from prosperity and growth to the total collapse of one of the largest US banks, (with a $200 billion bailout for all the other banks and $150 billion for the domestic market) and back to prosperity and growth again, all in the space of 15 – 18 months.
If this idiot worked for anyone other than the guy who caused this mess then he would be sacked for such a stupid prediction, but alas he doesn’t and he won’t be.
Posted by ullrakesh 