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Paulson Says 2 Million Foreclosures Estimate “Exaggerated”

Posted by jeremiasx on September 7, 2007

Wow…ok then…so I guess we should trust this guy from Goldman-Sachs to tell us what’s going to happen? I don’t TINK SO, SENOR. From MarketWatch.


WASHINGTON (MarketWatch) — Strains in global credit markets could take months to work out as the markets reassess the price of risk, Treasury Secretary Henry Paulson said Thursday in a televised interview.


“There have been real strains in the capital markets and across some of the credit markets,” Paulson told the Nightly Business Report on PBS. “And I think this will take a while to play out, and almost certainly over time this will have an impact on our economy.”


“It’s certainly going to be into the weeks, maybe a number of months,” he said.

Investors seem to “learn their lesson every seven, eight, 10 years or what have you,” he said.


Paulson said the economy would pay a “penalty,” but insisted that the U.S. and global economies were “very strong.”


Paulson said estimates of 2 million foreclosures are exaggerated. He said the Bush administration is not seeking to bail out “speculators.”


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