"I think it's going to be months that we're working our way through this period - clearly months," Treasury Secretary Hank Paulson said last night. The former Goldman Sachs CEO tried to calm America by appearing all over the boob tube yesterday… but accidentally assured us that the worst might not be behind us.
“We're going through a challenging time with our economy. This is a tough time. The three big issues we're facing right now are, first, the housing correction, which is at the heart of the slowdown; secondly, turmoil of the capital markets; and thirdly, the high oil prices, which are going to prolong the slowdown.”
Paulson gave particular warning to the financial sector, hinting that the FDIC’s list of troubled banks was sure to expand. "Of course, the list is going to grow longer given the stresses we have in the marketplace, given the housing correction.”
“We're going through a challenging time with our economy. This is a tough time. The three big issues we're facing right now are, first, the housing correction, which is at the heart of the slowdown; secondly, turmoil of the capital markets; and thirdly, the high oil prices, which are going to prolong the slowdown.”
Paulson gave particular warning to the financial sector, hinting that the FDIC’s list of troubled banks was sure to expand. "Of course, the list is going to grow longer given the stresses we have in the marketplace, given the housing correction.”
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