Quotes of the Day – Henry Paulson

So, you think U.S. Treasury Secretary Henry Paulson is a smart fellow because he’s in the news all the time lately following the collapse of the U.S. financial system.

As the heavens was falling over America, here’s what this dodo had to say over the last few months:

It’s a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation. (July 20, 2008)

There’s no doubt that things feel better today, by a lot, than they did in March. (early May 2008)

 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. (May 16, 2008)

Source: New York Times (12 October, 2008, Sunday Business Section, P.2)

Bottomline: The next time some big guy in a suit says something in an authoritative tone, be skeptical because the fella may not have the faintest clue what he’s talking about.

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