Irwin Stelzer: Depends on the meaning of ‘it’

Money men say it is over. The economists say it might only have begun. And the politicians are loving every minute of it. Perhaps it all depends on what the meaning of the word “it” is.

To Treasury Secretary Hank Paulson, “it” is the credit crunch. “I am encouraged …. In terms of the capital markets … the worst is likely to be behind us.” Legendary investor Warren Buffett agrees, “The worst of the crisis on Wall Street is over.”