Its probably more fluff like Bush’s speech. Maybe his intent is to calm after hour fears on the turnout of the G7 meeting this weekend.
Bush, Paulson and Bernenke lost their credibility completely. The focus of their mistakes is to let Lehman fall after bailing out Bear, FNM and FRE. What the markets need now is quick, massive measures that come in in surprise… like a 100 bps cut today, etc. It won’t cure the long term fundamentals, but it will stabilize the fear and panic…
paulson is going to tell the world … “WE F00K UP big time and ya all going to be F00KED” … but let me assure you " OUR ECONOMY IS SAFE AND HAVE A STRONG BANKING SYSTEM"
He’s going to say the TARP is funded & ready for blastoff.
THey probably only choose to bail out those firms more intimately involved with Washington because they knew the market probably knew of self dealing. They probably let Lehman Brothers fail because - I’m guessing - a while ago Fuld’s ego got in the way of the Government getting a piece of Lehman years ago. They probably said “Oh yeah DICK…not only are we going to let you sink, but we’re going to drag you through all the b.s. that will follow”. Probably not but this is what its looking like? Willy