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Nothing new, remember the news back in 2008: https://i.pinimg.com/originals/c5/32/f3/c532f3a2a4dead26e2349822b74f8bcf.jpg https://i.pinimg.com/originals/c5/32/f
by themaninthedark 4y ago
Nothing new, remember the news back in 2008:
https://i.pinimg.com/originals/c5/32/f3/c532f3a2a4dead26e2349822b74f8bcf.jpg https://i.pinimg.com/originals/c5/32/f3/c532f3a2a4dead26e234...
As late as July 2008, "Our economy has got very strong long-term fundamentals, solid fundamental. And you know, your policy-makers here, regulators, we're very vigilant." -Treasury Secretary Henry Paulson
This was 2 months after Citigroup, Merrill Lynch and RBS had a combined total 83 Billion loss/writedown.
Of course 2 months later, he and the Fed Reserve Board Chairman purpose a $700 Billion plan to stabilize the economy.
So, either they are lying through their teeth or asleep at the wheel.
*There is a better graphic that was on Reddit/Internet at the time that showed all the denials but I can't find it now.
- ethbr0 4y agoI'm not sure why anyone is looking to the Fed, of all organizations, to telegraph a recession. Out of all the possible announcements they could make, even if they were 100% certain the economy is headed for a downturn, the absolute worst would be "We expect a recession in the next 6 months." Part of the Fed's job is to keep the economy balanced, and a huge part of that job is messaging and weighing the likely effect of the message vs the desired effect the Fed wants. So they're not in the business of lying... but they're also not in the business of loudly trumpeting pessimism from the rooftops.