A Quote by Henry Paulson
I don't see (subprime mortgage market troubles) imposing a serious problem. I think it's going to be largely contained.
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At the center of every recession is a serious imbalance in the economy and mirrored in the financial system. Think subprime mortgage and the Great Recession, or the technology bubble and the early 2000s recession. There are no such imbalances today.
Incredibly, at this critical juncture in financial history, after which so much changed so quickly, the only constraint in the subprime mortgage market was a shortage of people willing to bet against it.
I and others were mistaken early on in saying that the subprime crisis would be contained. The causal relationship between the housing problem and the broad financial system was very complex and difficult to predict.
What the mortgage bubble was all about was big banks like Goldman Sachs taking big bundles of subprime mortgages that were lent out largely to low-income, highly risky borrowers, and applying this kind of magic-pixie-dust math to these bundles of securities and slapping AAA ratings on them.
In June 2005, mortgage rates were at 40-year lows, and risk premiums on mortgage securities were at all-time lows. Once the banks migrated to the subprime area, there was little else that could be done to send housing prices higher.
What caused the economic collapse 2008? It was the subprime mortgage crisis.
Get-educated-quick schemes are usually about as sound as subprime mortgage-backed securities: Enticing but basically fraudulent.
We must recognize that all the civil rights laws in the world are not going to solve the problem of minority underachievement. Ultimately, blacks and Hispanics are going to have to see that their solution is largely in their own hands.
I've heard there are troubles of more than one kind; some come from ahead, and some come from behind. But I've brought a big bat. I'm all ready, you see; now my troubles are going to have troubles with me!
I have heard there are troubles of more than one kind. Some come from ahead and some come from behind. But I've bought a big bat. I'm all ready you see. Now my troubles are going to have troubles with me!
The refugee problem is definitely a disaster for the entire region. Putin - the refugee problem in Chechnya was largely contained inside of Russia itself although there were tens of thousands of Chechens who sought refuge across Europe. Putin wasn't swayed by that issue when it came to Chechnya.
Why has mankind had such a craving to be imposed upon? Why this lust after imposing creeds, imposing deeds, imposing buildings, imposing language, imposing works of art? The thing becomes an imposition and a weariness at last. Give us things that are alive and flexible, which won't last too long and become an obstruction and a weariness. Even Michelangelo becomes at last a lump and a burden and a bore. It is so hard to see past him.
The impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained.
Globally, you're seeing a big, big trend towards large installations of renewable energies across the world. You are going to see huge installations of wind and solar in places like Africa. These things are going to happen no matter what. They're going to happen for largely non-policy free market reasons even in the United States.
No one pushed harder than Congressman Barney Frank to force banks and other financial institutions to reduce their mortgage lending standards, in order to meet government-set goals for more home ownership. Those lower mortgage lending standards are at the heart of the increased riskiness of the mortgage market and of the collapse of Wall Street securities based on those risky mortgages.
In the subprime mortgage industry, bankers handed out iffy loans like candy at a parade because such loans meant revenue and, hence, bonuses for executives in the here-and-now.
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