Fiend's SuperBear Market Report
*****************************************************************************
* FIEND'S SUPERBEAR MARKET
REPORT *
* September 24,
2008 *
*
*
* e-mail:
fiendbear@fiendbear.com *
* web address:
http://www.fiendbear.com
*
*****************************************************************************
Fiend Commentary
================
A Few
Quotes from Henry Paulson
May
31, 2006
"The
risk I worry about the least right now is a dramatic drop in the dollar. And I
don't
believe there is a general housing bubble. There might be anomalies in certain
regions
but I don't see a real estate bubble across the U.S."
September
16, 2006
"U.S.
economic growth is settling into ranges more in line with our long-term
potential.
The residential housing market is cooling from record unsustainable growth
rates,
but growth in the U.S. economy is being supported by other components. Higher
wages,
strong company profits and business spending will offset a weaker housing
market."
December
11, 2006
"We
have had a correction in the housing industry and we are in the process of
transitioning
to a more sustainable growth rate."
"We
do not want Americans to become over-extended and see their dream end in
foreclosure."
March
13, 2007
[The
fallout in subprime mortgages is] going to be painful to some lenders, but it
is
largely
contained."
April
20, 2007
"All
the signs I look at" show the housing market is at or near the bottom. The
U.S.
economy
is very healthy and "robust."
June
20, 2007
"We
have had a major housing correction in this country. I do believe we are at or
near
the bottom. It doesn't pose a risk to the economy overall."
"I
tried to make clear we will be dealing with the subprime issue for some time
and
that
there will be losses along the way. It is a natural outgrowth of what we've
seen
in
the housing market and certain lending practices. As mortgages continue to
reset,
this
will take time to work its way through the system. But I continue to believe
that
this
risk is largely contained. It doesn't pose a significant risk to the economy
overall."
July
26, 2007
I
don't think [the subprime meltdown] it poses any threat to the overall
economy."
August
1, 2007
[...worries
over problems in the subprime mortgage market spilling over into other
sectors.]
"The
market has focused on this. There's a wake-up call, and there's an adjustment
to this
repricing of risk, but I see the underlying
economy as being very healthy."
"As
an economic matter, this is largely contained because we have a healthy and
diverse
economy."
September
9, 2007
"I
never thought of myself as a cheerleader. I believe our economy is
healthy."
October
30, 2007
"I
believe there is enough strength in our economy that we will continue to grow
through
this though housing is the weakest part of the economy."
November
23, 2007
"I
think we're working our way through this. But I also recognize that it's going
to
take
longer for these markets to operate the way they should be, and until they are,
there's
a certain amount of fragility in the system."
December
17, 2007
"I
don't think what we need is a big government bailout right now. I think what we
need
is to help the markets work the way they're intended to work and avoid those
foreclosures
that are preventable."
January
8, 2008
"...let
me be clear: There is no single or simple solution that will undo the excesses
of
the last few years."
March
4, 2008
"Most
of the proposal [bailouts] I've seen would do more harm than good. Investors,
lenders
or speculators should be accountable for the risks they took. Let me be clear:
I
oppose any bailout. I believe our efforts are best focused on helping homeowners
who
want
to stay in their homes."
March
16, 2008
"I've
got great confidence in our financial market, our financial institutions. Our
markets
are resilient. They're flexible. Our institutions, our banks and investment
banks,
are strong."
May
16, 2008
"We
are still working through housing and capital markets issues, and expect to be
doing
so for some time. We also expect to see a faster pace of economic growth before
the
end of the year."
"We
are seeing signs of progress as capital and credit markets stabilize. The
markets
are
considerably calmer now than they were in March."
"Some
bumps in the road" are likely, especially in the housing sector, but we
are
closer
to the end of the market turmoil than the beginning."
Weekly Market Summary Page
[Return to the Fiend's SuperBear Page]