Paulson: Don't want to rush economic stimulus

[flashl]

Treasury Secretary Henry Paulson said on Monday the Bush administration was considering how to give the economy a boost as it weathers a housing correction, but does not want to rush.

"Our most immediate goal is to minimize the impact on the real economy," Paulson said in a speech before the New York Society of Securities Analysts. "This will require patience as we thoughtfully evaluate next steps."

"Working through the current situation and getting the policy right is more important than getting the policy announced quickly," Paulson added.

...

Paulson acknowledged that the downturn will last for some time and said its impact already was apparent in December's weak job employment figures, which showed just 18,000 jobs created and a jump in the jobless rate to 5 percent.

...

But he also said he expects the U.S. economy to continue growing even as it sees housing prices decline further.

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Whats a 'real economy'?

"getting the policy right is more important than getting the policy announced quickly".

For "good cause", on Dec 12, 2007:

The Federal Reserve took advantage of emergency powers to authorize the auctions that officials felt were necessary to ease a credit squeeze, concluding it otherwise lacked legal permission to do so.

The Fed bypassed requirements for prior notice and public comment when writing the regulations to implement today's agreement with the European Central Bank and three other central banks. The Fed's official notice today said any delay caused by following standard procedures would have been "contrary to the public interest."

IIRC, the 18,000 new jobs were not created by the 'real economy'.

And, I guess we will have a miracle like the 'jobless recovery' from the 2001 recession.

[GainesT1958]

1. First Iraq...

Then Katrina; now the ultimate Repub bug-a-boo: Recession. As was said in the 70's: "Remember, boys and girls, the words 'Republican' and 'Recession' rhyme!"

War, natural disaster and recession; what exactly HAVE those dunces done to deserve "staying the course"!?:eyes:

B-)

[leftofthedial]

2. The "real economy" is the private wealth of the oligarchy

THAT must be protected at all costs.

[flashl]

3. You are spot on. Because when it was in the 'public's' interest ...

"The Fed's official notice today said any delay caused by following standard procedures would have been "contrary to the public interest."

[ixion]

4. "This will require patience as we thoughtfully evaluate next steps."

Yeah, got that? So all you folks who've lost your jobs and houses and cars and those who are living in cardboard boxes this winter, you just got to be patient while we figure out the best way to protect the billionaires.

:argh: :grr: :puke: