Here is a short clip on reactions to his comments. I like the “Well, you’re probably right…” line.
It sounds like BB’s logic is since sub-primes are so bad, the standard loans must have cleansed themselves of all bad loans and have 0% defaults. Therefore we are past the worst of it. Again. No seriously, for real this time.
I also love the “no spillover” effects BS, and the convenient “blame it on the rain” line. Retail sales are down at Home Depot, Sears, and Wal-mart, and car sales are down. If that’s not spillover I don’t know what is.
Lie to the public so they think everything is okay and keep spending money they don’t have. I guess that’s the only way to fight deflation and inflation at the same time.
