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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Paulson: 'Significant Challenges Remain'

UPDATED AT 3:45 p.m.

In a speech just concluded, Treasury Secretary Hank Paulson said, "Although we are facing particularly difficult circumstances, I remain confident that we will work through these challenges, as we have always successfully worked through every economic challenge in the history of the United States."

Other highlights from the speech:

- Paulson "expects it will be several weeks" before the Treasury buys its first toxic asset with the $700 billion Wall Street bailout/rescue.

- He was asked if, looking back, it was a mistake for the government not to bail out Lehman Brothers. "There was no buyer for Lehman," Paulson said. "There was no hole to fill."

- Paulson said: "It is too early to look for encouraging signs in the credit markets" and added, "patience is also needed because the turmoil will not end quickly and significant challenges remain."

- There are "four key challenges" in the markets today, Paulson said: confidence, capital, systemic risk and liquidity.

- The bailout group held its first oversight meeting yesterday.

- Paulson is calling for a special meeting of the G20 that will include senior finance officials, central bankers and regulators from key emerging economies to discuss how the U.S. might coordinate to lessen the effects of global market turmoil and the economic slowdown of "all of our countries."

-- Frank Ahrens

By Frank Ahrens  |  October 8, 2008; 3:48 PM ET
Categories:  The Ticker  
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Comments

Shopping for toxic assets. Sounds like a nightmare of a career choice. It's back to the future here. The charts looked mixed and the Post was all over the place. I remain confident myself. I'm not sure about you.

Posted by: Anonymous | October 8, 1908 3:33 PM | Report abuse

Paulsen has been saying this all along. It's just a part of the Administration's propaganda.

After being lied to so often & so consistently by this bunch of thugs in this Administration, why would anyone believe anything they have to say about much of anything?

Posted by: book134 | October 8, 1908 4:00 PM | Report abuse

It just hit me that this bailout was another opportunity lost that could have been used to create jobs. Instead of Paulson and the administration keeping the oversight in their cabinet, they could have used this opportunity to create a separate entity or funded a private company which will then hirer american people knowledgeable in the financial/finance industry instead of keeping the money and the regulations within the corrupt.

Great job no brainers. Unemployment is high, but yet we were able to give money to those who already have money, in hopes of creating more money.

I just hope the american public wise up. Regulation is what's needed not MONEY.

Paulson has 3months left what will he do? LOL just make sure to check GoldmanSach stocks, it just might do pretty well. Oh and Paulson will never have to worry for the rest of his life. And hmmm how is that ranch sale going mister president?

Posted by: Jeynna | October 8, 1908 4:05 PM | Report abuse

Four key challenges?

How about five?

Confidence, capital, systemic risk, liquidity, and

LEADERSHIP.


By the way confidence is not quite the same as TRUST. TRUST in the system, TRUST in leadership. Pretty much gone by now.

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Posted by: Anonymous | October 8, 1908 4:17 PM | Report abuse

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