April 20, 2008 - Henry Paulson on the subprime "troubles"

[MrCoffee]

Treasury's Paulson- subprime woes likely contained
NEW YORK, April 20 (Reuters) - U.S. Treasury Secretary Henry Paulson said on Friday the housing market correction appears to be at or near its bottom and that troubles in the subprime mortgage market will not likely spread throughout the economy.
"We've clearly had a big correction in the housing market. Retail housing was growing for some time at a level that was not sustainable," Paulson said in a speech to The Committee of 100, a business group in New York promoting better Chinese relations.
"I don't see (subprime mortgage market troubles) imposing a serious problem. I think it's going to be largely contained," he added.


Whoopsie.

[muleboy303]

1. what is 'contained' in a 'bottom' ?

pray tell, what exactly is "contained" in a "bottom" ? yep, SHIT !

how i would love for someone to write a book listing all the times some asshole (pardon the pun) on the cable/network business news shows in the last year/two said with a straight face, that the "sub-prime" mortgage problems had been "contained" and that housing sales/construction had "bottomed".