Look its this simple. If even a member of the Bush administration, an administration extremely well known for its secrecy, obfuscation, spin, and outright lies, is warning about the months to come regarding our banking system, then get out the chest high waders. The crap waters are getting deeper.
One thing we have noticed over the past 7 months or so since the sub prime mortgage worldwide disaster really hit the fan, is that all elite predictions have erred on the side of extreme optimism. In other words if Paulson says its bad, then its a disaster - searching for a word that is a step or two back from apocalyptic.
Also we know all too well that Bush is working in reverse - expect nothing there.
CNN: Paulson braces public for months of tough times
Paulson said the number of troubled banks will increase as they struggle to cope with big losses on bad mortgages
"Of course the list is going to grow longer given the stresses we have in the marketplace, given the housing correction. But again, it's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation," he said in broadcast interviews.
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