Premature Reassurance

Memo to Treasury Secretary Henry Paulson: It isn’t Thanksgiving just yet.

“If the issue was to … get by the point where the market is rattled wondering which big institution will go down next, I think on a scale of one to 10 we are very close to 10.”

Treasury Secretary Henry Paulson, quoted in the Nov. 24 Wall Street Journal, page R8

“Bailout Talks Accelerate for Ailing Citigroup”

Banner Page One headline, same newspaper, same day

Bonus Contradiction:

“Fed Has More Ammuniton Afte Firing Rate-Cut Bullets”

Headline for “Outlook” column, same newspaper, same day, Page A2

“The Fed Is out of Ammunition”

Headline for op-ed column, same newspaper, same day, Page A19

“Fed Has .