Welcome to 1984, where outright propaganda and lies bombard you from current and prior administration officials each and every day. Here is the latest:
And here is our translation:
- Bush has good, fundamental understanding of markets - Interpretation: see here.
- Chinese save too much - Interpretation: Come to America and buy your plasma screens in this country
- Americans borrow too much - Interpretation: Americans LTV is about 10E^TARP
- US will get back every penny put into banks - Interpretation: US will lose every penny put into banks
- Buffet was a "pillar of strength for Paulson." - Interpretation: Buffett's multi-billion bet on the S&P never declining was a future pillar of destruction for BRK
- He couldn't say no to his country on Treasury job - Interpretation: he couldn't say no to the opportunity to cash out of his $700 million Goldman stock stash
- A faltering Chinese economy would be bad for U.S. - Interpration: see here.
- Without TARP US would have had 25% unemployment - Interpretation: With TARP Lloyd Blankfein will be a trillionaire, as companies cut SG&A to 0, unemployment hits 100% and Net Income becomes Revenue.
- Chinese need to reform currency - Interpretation: We need to kill the dollar, those bastards over there are making it impossible.