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View Diary: Some people saw this coming. (29 comments)

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  •  I missed Paulson last night. (7+ / 0-)

    He really said that he didn't see it coming?

    What an idiot - if he didn't see it he is a fool and if he did see it and is lying about not he is an even bigger fool.

    •  Here is an excerpt from the (5+ / 0-)

      interview

      While people wonder what's coming next, many are asking why experts like Paulson didn't see this coming.

      "A year ago, last April, you said this, and I'll quote, 'I don't see subprime mortgage market troubles imposing a serious problem. I think it's going to be largely contained.' Why did this seem to take you by surprise?" Pelley asked Secretary Paulson.

      "Well, again, hindsight's 20/20. When I came to government, I said, 'You know, we are about due for some kind of market turbulence.' I didn't expect quite this. But I said to the team, as we worked, 'You never know, when there's a lot of dry tinder out there, you never know what spark is gonna light the tinder,'" he replied.

    •  There is a reason why Paulson, Bernanke, Bush, (5+ / 0-)

      McCain, etc. didn't see it coming and why we are so incredulous.  My husband has seen his salary shrink from a time when we could buy almost anything we wanted (I mean daily things--not a Lexus). If I wanted to get my nails done--no problem.  If he wanted to go golfing, he went.  To a point now where I go to the grocery store and think "hmmmm...20 apples (family of five).  That would be about 10% of my grocery budget this week."  I can't buy 4 - 5 servings of fresh fruit and veggies for every member of my family every week.  It just costs too much.

      And we are the lucky ones!

      Taxpayer Bailout Plan: We pay for the loans, they keep the homes.

      by KayEmarr on Mon Sep 29, 2008 at 07:34:27 AM PDT

      [ Parent ]

    •  Standard Bush administration SOP (3+ / 0-)

      "Who could ever have expected ... "

      •  Thinking people, that's who. (4+ / 0-)

        BushCo doesn't have much experience with that sort of person.

        Comfort the disturbed. Disturb the comfortable.

        by Killer of Sacred Cows on Mon Sep 29, 2008 at 07:39:12 AM PDT

        [ Parent ]

        •  Reality-based people. (2+ / 0-)
          Recommended by:
          franziskaner, Lujane

          I knew this crash was going to come more than two years ago when I looked around at house prices in my area which are about ten times what they were fifteen years ago and realized that people are not making ten times what they were ten years ago - many were/are making a bit less - so I could not see how it could possibly not implode on itself.  Now maybe Paulson and his buddies are/were making ten times as much as they might have ten years ago - but most American salaries have not grown at that exponential rate.

          A reality-based person would I believe be able to see that.  A pie-in-the-sky romantic would think that everything that goes up - just keeps going up no matter what.

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