Author Topic: Quick timeline leading up to Paulson's appointment at Treasury...  (Read 609 times)

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Offline Cobra

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I intend to do further research but in 30 min. this is what I stumbled upon. Can't imagine how much more is out there.

When was Paulson installed as Sec. of the Treasury?

Nominated: May 30, 2006

Appointed: June 28, 2006

What was so important about that period?

   
Quote
Posted on: Wednesday, July 26, 2006

    Decrease in home prices forecast

    By Noelle Knox
    USA Today

    For the first time in more than a decade, home prices could start to fall around the country in coming months, the National Association of Realtors said yesterday after a report showed that sales of existing homes fell in June and the number of homes for sale soared to their highest point since 1997.

    Condo prices already are being hit: They fell 2.1 percent from June last year to a median $226,900. Prices of single-family homes edged up 1.1 percent in June to $231,500. With a 6.8-month supply of single-family homes on the market and an eight-month supply of condos, sellers are under more pressure to cut prices, and buyers can be choosy.

    David Lereah, NAR's chief economist, said he expects prices to start "deteriorating," though he still projects home prices will be up 5.3 percent for the year.

    The new figures provide deeper evidence that the nation's housing market is undergoing a jarring transition from a seller's to a buyer's market. The five-year boom, which peaked in August, was driven partly by investors, who snapped up 28 percent of homes sold last year. Many of them now want to sell. But rising interest rates and lofty home prices have squeezed out many buyers.

    "Prices got too high in some local markets," Lereah said. "So you're seeing two things occur: Investors are leaving quickly, and regular home buyers are staying on the sidelines."

Who did Paulson replace? John Snow

Why was Snow replaced?


   
Quote
By Suzanne Malveaux
    CNN
    Monday, April 3, 2006; Posted: 9:28 a.m. EDT (13:28 GMT)

    Despite the administration's public comments of support for Snow, sources inside and outside the White House have said Bush has been ready to replace the treasury chief for the past year and has been searching for an "acceptable alternative."

    http://www.cnn.com/2006/P...itehouse.staff/index.html

Why replace him for an "acceptable alternative"?


Why was that "acceptable alternative" a CEO of Goldman Sachs that was doing seemingly very well at the time?

Why did Paulson give up $10's of Millions in the private sector to take a demotion and become Sec. of Treasury?

Maybe they knew something we didn't?


   
Quote
Housing Bubble Fact or Fiction?

    Tuesday, March 14, 2006

    http://www.foxnews.com/story/0,2933,187831,00.html

    ….

    But when it gets up close and personal - like my family's home - well, suddenly I'm shocked out of my denial.

    The shocker? I just learned we live in a metro area that could see a devastating 55.8% decline in home prices in the next five years. Worse yet, most of the real estate north and south of us - from San Francisco to San Diego - is predicted to decline 50% in the next five years. Ouch!

    That dire prediction was made by former Goldman Sachs (GS) investment banker John Talbott in his new book, "Sell Now! The End of the Housing Bubble."

    Next time you're in a bookstore check out his top 130 metro areas. The chapter's titled, "Are You in Trouble?"

So they send one of their own in to control the problem and offer the solutions?


The articles are backwards in the timeline:

March (GS decides to let the interested public know about impending meltdown)-->April (looking to replace John Snow), June (appointment)--> July (NAE prediction for ALL of the public; the beginning of the meltdown).