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Treasury Secretary Paulson’s Wisdom

Treasury Secretary Paulson says the worst is just beginning for subprime resets and there is an economic limit to helping borrowers.  He notes it’s inevitable that there will be homeowners who can’t be helped and may become…..RENTERS!….Gasp!!  I guess you can tell I’ve had my fill of this crap for today.  Not to mention Fed heads are out talking from both sides of their mouths:  Inflation up, but it will come down;  economy weak, but will get stronger;  Santa Claus didn’t show up, but Easter Bunny on the way.  OK, that last one was mine, but it fits right in with what they’re saying.  I guess it beats saying “we’re in deep and aren’t real sure how to get out.”

Update:   According to Paulson, through the “Hope Now” plan, they are sending out 200,000 letters a month to at-risk homeowners.  They have already sent out 750,000, with a 16% response.  He says he doesn’t see likelihood of the Government setting up mortgage relief entity, then what the hell is Hope Now and Project Lifeline?  Oh, that’s right, they aren’t an official government entity.  No new details on that Project Throw-Me-A-Rope, yet.