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December 3, 2008 2:28:22 AM CST

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Treasury Boss: Worst Is Over

Posted May 7, 08 2:45 AM CDT in US,  Business 

(Newser) – The US is emerging from the credit woes triggered by the turmoil over subprime mortgages—despite the continuing wave of foreclosures across the nation, according to Treasury Secretary Henry Paulson. Paulson, in the most positive comments yet from the White House on the nation's economic troubles, in part credited the federal bailout of Bear Stearns, reports the Wall Street Journal.

It will be "some months longer" before for the crisis is over, Paulson conceded. But "there's no doubt that things feel better today, by a lot, than they did in March. The worst is likely to be behind us."

Source Wall Street Journal

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Despite the wave of foreclosures, the US Treasury Secretary Henry Paulson says the worst of the credit crisis has passed.   (AP Photo/Mel Evans, file)
Treasury Secretary Henry Paulson says the worst of the credit crisis may be over.   (AP Photo/Ron Edmonds)
Treasury Secretary Henry Paulson says the worst of the credit crisis may be over.   (AP Photo/J. Pat Carter)
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Financial Crisis • credit crisis • Federal Reserve • subprime crisis • Henry Paulson • foreclosure • Fannie Mae • Freddie Mac • Bear Stearns • Federal Housing Administration


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