Chuck Shumer today -
The President is indeed behaving like Herbert Hoover. We’re in the most serious economic problem we’ve been in in a very long time — much worse than 2001. The President’s hands-off attitude is reminiscent of Herbert Hoover in 1929 and 1930.
Herbet Hoover December 2, 1930 -
Economic depression cannot be cured by legislative action or executive pronouncement. Economic wounds must be healed by the action of the cells of the economic body - the producers and consumers themselves.
George W. Bush March 14, 2008 -
The temptation of Washington is to say that anything short of a massive government intervention in the housing market amounts to inaction. I strongly disagree with that sentiment. … Government actions often have far-reaching and unintended consequences. If we were to pursue some of the sweeping government solutions that we hear about in Washington, we would make a complicated problem even worse — and end up hurting far more homeowners than we help. ...As we take decisive action, we will keep this in mind: When you are steering a car in a rough patch, one of the worst things you can do is overcorrect. That often results in losing control and can end up with the car in a ditch. Steering through a rough patch requires a steady hand on the wheel and your eyes up on the horizon. And that's exactly what we're going to do.But not to worry - according to Paulson the government do "'what its takes' to stabilize chaotic markets and minimize the economic damage" at least where wall street is concerned - just not for homeowners.
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