The market impact of the U.S. subprime mortgage fallout is largely contained and that the global economy is as strong as it has been in decades.
Henry Paulson, 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.
Henry Paulson, March 2, 2008:
I’m not interested in bailing out investors, lenders and speculators.
Ben Bernanke during Congressional Testimony March 2007:
At this juncture, the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained.
Ben Bernanke, May 5, 2007:
We will follow developments in the subprime market closely. However, fundamental factors—including solid growth in incomes and relatively low mortgage rates—should ultimately support the demand for housing, and at this point, the troubles in the subprime sector seem unlikely to seriously spill over to the broader economy or the financial system.
Ben Bernanke, October 15, 2007:
It is not the responsibility of the Federal Reserve—nor would it be appropriate—to protect lenders and investors from the consequences of their financial decisions.
Timothy Geithner, May 15, 2007:
Changes in financial markets, including those that are the subject of your conference, have improved the efficiency of financial intermediation and improved our confidence in the ability of markets to absorb stress. In financial systems around the world, the capital positions of banks have improved and capital markets are becoming deeper and playing a larger role in financial intermediation. Financial innovation has improved the capacity to measure and manage risk. Risk is spread more broadly across countries and institutions.
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