Paulson sees no quick fix for economy

The U.S. financial markets have calmed down, but more turmoil lies ahead, the secretary said today.
MAY 16, 2008
The U.S. financial markets have calmed down, but more turmoil lies ahead, Secretary of the Treasury Henry Paulson said today. “We are seeing signs of progress as capital and credit markets stabilize,” he said in a speech before business leaders in Washington. “The markets are considerably calmer now than they were in March.” However Mr. Paulson added that a rebound from the housing market slowdown that started in 2006 will take more time to resolve itself. “There were years of excesses, and this won't be resolved quickly,” he said.

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