Bears Stearns Quote du Jour

My current favorite Bear Stearns quote du jour come from Treasury Secretary Henry Paulson today. The preternaturally placid Paulson had this to say about the Bear Stearns bailout:

As we have been saying for some time, there are challenges in our financial markets ….

Challenges? Challenges? A major brokerage firm is on the verge of collapse, and is bailed out in unprecedented fashion by the Fed, and he is musing aloud about "challenges". Who replaced Paulson with the Dude, just hanging around out there in the markets, "Takin’ ‘er easy for all us sinners."


  1. Adan Green says:

    I can’t tell if the Bush administration selects for incompetence and disengagement, or imposes it on people. Either way, I’d love to be smoking what they all seem to be. My BP would be much lower. Paulson’s pitiful statements on the need for a strong dollar are even more pathetic than this quote.

  2. The sky has fallen. How many more pieces will come crumbling down to earth before it’s over? The funny part (well, sucks for Bear) I suppose is that reports are starting to circulate showing Bear’s clients and encouraging bankers to start “raiding” them…

  3. actually you can nail bush for lots of things but he is one of the few people right now suggesting the government should stay out of this apart from giving some minor financial relief directly to citizens. i’d say he’s about got it right.

  4. Jack Straw says:

    You have posted a picture of the Stranger, not the Dude. But the Stranger’s words are appropriate:
    “Sometime you eat the bear, and sometimes, well, he eats you.”

  5. It’s like what Lennin said….All you have to do is….you know..follow the uh……

  6. Paul Kedrosky says:

    I know I posted a picture of the Stranger — he’s who I quoted.