Paulson: Housing is Biggest Threat to Economy

Published: October 16, 2007, 1:45 pm

Tags: economy, mortgage news insight, bernanke, credit crunch, housing market, mortgage mess, paulson, subprime mortgage

Welcome to the party, Hank Paulson - what took you so long to get here? Waiting for Bernanke, I suppose? Well it sure is nice that the two of you finally decided to show up. While you were busy perpetuating the white lie that subrpime mortgage problems were contained; we’ve been busy shooting holes in your theories over here, and are glad to see someone with authority finally come “to the confessional” (as Tanta from C/R likes to say). From Paulson - to you (via Market Watch): “The ongoing housing correction is not ending as quickly as it might have appeared late last year,” Paulson said in remarks prepared for delivery at Georgetown University. “And it now looks like it will continue to adversely impact our economy, our capital markets and many homeowners for some time yet.” “Let me be clear,” Paulson said, “despite strong economic fundamentals, the housing decline is still unfolding. … The longer home

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