Q What’s going on in the housing market, is it a correction or a crisis, in your view? Can you assess that?
THE PRESIDENT: Yesterday I did comment upon that, that there was a — I talked about the different scenarios that I had been briefed on about whether or not there would be a precipitous decline in housing or whether it would be what one would call a soft landing, and it appeared at this point that it looks we’re headed for a soft landing. And that’s what the facts say.
- Asian Stocks Plummet on Credit Fears (AP)
- European Central Bank Injects $83.9B Into Banking System (AP)
- Stocks Fall As Credit Concerns Persist (AP)
- Fed Acts to Stem Credit Turmoil (AP)
Even if a “soft landing” is possible, the notion that such a thing is somehow desirable does not really make sense.
—Dean Baker
Maybe the real truth is that investors were shocked into a mob panic by the sight of the president correctly using the word “plethora.”
—Andrew Leonard
Soft landing = the right set of right wing white guys get more rope for a while — and then get a full fledged bail out.
The Chimp and his circle are all crackpot monetarists; bubble jumpers. They’d set their own asses on fire if they thought that would put out the fire on their feet. So would the Clintonistas, for that matter, all the while trying to keep their asbestos undies a secret.