Take away $7.7 trillion in wealth, and the central bankers declare the selloff is "herd behavior." We've just lost 1/2 of the entire GDP of the US economy, and these bankers are just "talking??"
Are you kidding me?
Secretary Paulson, talking while looking scared said "this administration is doing it's best to minimize the effects of the current housing crisis."
This is "minimize?"
We now have "exceptionally alert" "flexible" "minimize" "resilient" and "re-pricing of risk" as the new buzzwords.
Does anyone believe these jokers?