Treasury Boss: Worst Is Over

Paulson says US emerging from storm
By Peter Fearon,  Newser Staff
Posted May 7, 2008 2:45 AM CDT
Treasury Boss: Worst Is Over
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)

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." (More Henry Paulson stories.)

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