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Is the "Plunge Protection Team" at work ?
As reported by "The Big Picture" (www.bigpicture.com), Treasury Secretary Hank Paulson "said he hoped declines in housing prices had been largely offset for Americans by higher stock prices:"
Oh really, Hank? So, is your "Plunge Protection Team" at work driving the markets higher?
Here are Paulson's comments courtsey of the Big Picture;
"We had a retail housing market in this country that was growing at an unsustainable rate for a number of years, so we had to make that transition from...unsustainable growth to a more sustainable rate," he said in a radio interview by WTMJ Milwaukee.
"There's been a correction, a significant correction," he said. "I know the individual homeowner is feeling this concern as we have the correction. Hopefully some of that impact has been offset by an equity market that has added a trillion dollars of value and impacted positively peoples' 401K, their savings and other things."
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