Paulson Predicts No More Major Institutions To Fail; Public Braces For Certain Collapse

See Anything Out There, Buddy?

Uh-oh. Treasury Secretary and hapless soothsayer Henry Paulson told CNBC today that he is “expecting no other major institutions to fail.”

Which means the s**t is about to hit the fan. Nothing against ol’ Hank here, but his track record isn’t exactly what I’d call comforting.

Sure, his previous prediction about the banking system being “safe and sound” was welcomed with the immediate collapse of the industry, including the demise of Bear Stearns, IndyMac Bank, Fannie Mae, Freddie Mac, Lehman Bros., Washington Mutual and American International Group.

Then, Paulson’s next bold prediction about how the banking system “has been stabilized” and “no other major institution risks failure” was of course also followed by the stunning
downfall of banking giant Citigroup, but who’s counting?

I mean it’s not like the guy is never right.

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