Some quotes from past few years:

"The U.S. housing market appears to be emerging from its recent travails and the worst may well be over", Federal Reserve Chairman Alan Greenspan, Reuters release Oct 9, 2006

"The subprime mess is grave but largely contained" - Federal Reserve Chairman, Ben Bernanke May 17 2007, Speech before the Federal Reserve Bank of Chicago

"This is far and away the strongest global economy I've seen in my business lifetime."- Henry Paulson, US Treasury Secretary, July 12th, 2007

"The market impact of the U.S. subprime mortgage fallout is largely contained and the global economy is as strong as it has been in decades." - Henry Paulson, August 2007

"This is not a rescue" - Goldman Sachs Chief Financial Officer David Viniar after Goldman poured $3 billion into one of its hedge funds, Aug 13, 2007

"I hope you're confident about our economy. I am." President Bush at the Robinson Helicopter Co. in Torrance, Calif, Jan 30, 2008

"Losing a job is painful, and I know Americans are concerned about our economy; so am I. It's clear our economy has slowed, but the good news is, we anticipated this and took decisive action to bolster the economy, by passing a growth package that will put money into the hands of American workers and businesses." - President Bush on news that the economy lost 63,000 payroll jobs in February, March 7, 2008

"The worst is likely to be behind us,"- Henry Paulson, US Treasury Secretary, May 7th, 2008

"We think that 2009 is likely to be better than 2008." - Richard Bernstein, Chief investment strategist at Merrill Lynch, Dec 2008


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