Warm_Paw

Bush's Peculiar Wall Street Speech

Bush doesn't know the details! He's giving a from the hip overview of his limited knowledge and honestly, as a president with the amount of circus acts going on during his presidency, how could he be expected to know in great detail, everything going on.
The banks are running the show. They shut Wall St. down when they don't get their way.
Now they promise not to use the bail out for bonuses.
The heck with a promise, make it criminal to do so.
Hank Paulson's learning how deep and nasty this situation is and realizes trillions won't bail out what happens to FRE and FNM on November 17.
They were supposed to report Nov 4 but notice how the earnings date has moved to the 17th, two days after the cut off for selling for this years tax loss.
I think FNM is looking at a minnimum -$7 a share.
Hank's going to have to decide if they live or die and death means a 7 trillion dollar hit until the dust clears.
That much loss will self perpetuate the downward spiral of housing prices and it's going to take a long time to get this situation out of vapor lock.

When Hank only realizes this days from ground zero - there's no wonder Bush doesn't know what he's talking about.