Quotes For The Week
Yes, you read correctly. There are two Quotes to start off the week. And, oh, what a week it’s been so far!
Quote #1: Jim Cramer
Back on August 4, I talked about CNBC television personality, former hedge fund manager, and best-selling author Jim Cramer, who declared the U.S. stock market bear was dead. Cramer said on July 15:
I am indeed sticking my neck out right here, right now… declaring emphatically that I believe the market will not revisit the panicked lows it hit on July 15, and I think anyone out there who’s waiting for that low to be breached is in for a big disappointment and [they’re] missing a great deal of upside…
My bottom call isn’t gutsy. I think it’s just a smart call that all the evidence points toward. Bye, bye bear market. Say hello to the bull and don’t let the door hit you on the way out.
On July 15, the Dow Jones Industrial Average stood at 10,962.54, and the S&P 500 at 1,214.91, at the close of trading.
Earlier today, the Dow finished at 10,917.51, while the S&P 500 fell to 1,192.70.
Boo-yah!
Quote #2: Hank Paulson
Earlier today, U.S. Treasury Secretary Henry Paulson told White House reporters that despite the financial chaos on Wall Street on Monday, Americans can remain confident in the “soundness and resilience in the American financial system.” The former head of investment bank Goldman Sachs talked a little about the U.S. housing market, and predicted housing would start to rebound soon. Paulson told reporters:
I’m not saying two or three months, but in months as opposed to… years.
Back on July 22, I wrote:
From the CNBC website this afternoon:
Treasury Secretary Henry Paulson said America’s housing market could turn a corner and begin recovering within months, but it will take longer to resolve all housing-related problems.
“Obviously, it will go on beyond months with some of the issues in the housing market, but I believe we can get to the point within months where we turn the corner on housing,” Paulson said in a televised interview with Fox Business Network.
Sound familiar to anyone? From my post “Paulson Weighs In On Housing” from July 2, 2007:
Today, U.S. Treasury Secretary Henry Paulson spoke to Reuters about a number of economic issues, including housing. Paulson said the U.S. economy is healthy, despite problems with the subprime mortgage sector. The former chairman of Goldman Sachs stated that the downturn in the housing market is “at or near the bottom. It’s had a significant impact on the economy. No one is forecasting when, with any degree of clarity, that the upturn is going to come other than it’s at or near the bottom.”
Kind of sucks being called to task for such “definitive” statements, huh?
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