Today we have a case of foreigners pulling the rip cord, and Treasury Secretary Hank Paulson stating the obvious: Housing stinks and it's getting worse. Foreigner investors in August dumped U.S. stocks at a rate nearly four times greater than in any other one month period.
Treasury Secretary Henry Paulson warned that the housing correction would continue to hurt the economy and financial markets and called for assistance for homeowners.
I rushed into work this morning, after massive flight delays getting back from Michigan last night, because I was eager to hear what the Treasury Secretary and our nation's top mortgage lenders had accomplished in the struggle to save thousands of cash-strapped mortgage borrowers.
Treasury Secretary Henry Paulson announced a new initiative under which major mortgage servicers, mortgage counselors, government officials and non-profit groups will coordinate their efforts to help struggling borrowers restructure their mortgage payments and stay in their homes.
Federal Chairman Ben Bernanke told Congress the credit crisis has created "significant market stress" and offered fresh assurances that regulators would take steps to curb fallout from the mortgage mess.
Paulson, in a letter to congressional leaders, urged quick Senate approval of a bill that would increase U.S. borrowing authority by $850 billion and reduce chances uncertainty over federal funding would exacerbate financial market turmoil.
Even if the Fed cuts interest rates on Tuesday, as most expect, stocks aren't likely to show much enthusiasm. The reason: credit market jitters probably won't subside soon, as Treasury Secretary Henry Paulson acknowledged to CNBC.
Treasury Secretary Henry Paulson told CNBC Friday that it will take time to work through the problems contributing to current financial market turmoil but expressed confidence U.S. growth will not be derailed.
U.S. Treasury Secretary Henry Paulson said on Wednesday a recovery in the subprime mortgage market will be slowed by a wave of interest rate resets and urged lenders to help troubled borrowers.
I have to admit I don’t know much about our nation’s Treasury Secretary. I do know that he followed orders from his boss today, and met with some of the country’s largest mortgage lenders. It’s all part of President Bush’s “Foreclosure Avoidance Initiative,” that he announced less than two weeks ago.
Wall Street prepares for lift off on the opening amid calmer credit markets, higher world stock markets and some merger news. European stock markets are comfortably higher, and Asia closed higher though Japan stocks were flat on the rising yen.
The following is the unofficial transcript of a CNBC interview with Treasury Secretary Henry Paulson on CNBC's "Squawk on the Street" today at 9:00 AM ET.
Treasury Secretary Henry Paulson attempted to soothe jittery investors on Tuesday, insisting the United States will safely get through a spreading credit crisis that has unhinged Wall Street.
Stock traders will be looking over their shoulders at the credit markets as a furious flight to quality into Treasuries keeps the pressure on stocks prices. For now, stock futures are higher and look set for a firmer opening.
It's been easy over the last few months to feel a bit sorry for Hank Paulson. He left Goldman Sachs, reluctantly, to lead President Bush's second-term Treasury in the belief that his skills might help solve two thorny problems: deteriorating political sentiment toward China's rising economic might, and the long-term insolvency of the U.S. entitlement programs as the Baby Boom generation heads toward retirement.
A bruising selloff in world stock markets is about to extract more pain on Wall Street, where stock index futures are pointing to a sharply lower opening.
U.S. Treasury Secretary Henry Paulson said the turmoil in global markets will exact a penalty on U.S. growth but the financial system and economy was strong enough to withstand it without provoking a recession.
The revelation that a unit of French bank BNP Paribas temporarily suspended three of its funds injected new fear into the markets, driving global stock sharply lower and casting a fresh chill across credit markets. The market fallout from BNP has reignited market speculation that the Fed will move to cut rates sooner, rather than later.
Treasury Secretary Hank Paulson told CNBC that the U.S. economy remains healthy but troubles in the housing market may take some time to play out. Paulson also said he was not concerned with a recent report suggesting China may retaliate economically if the U.S. imposes trade sanctions to force a revaluation of the yuan.
Treasury Secretary Henry Paulson said on Wednesday that the market impact of the U.S. sub-prime mortgage fallout is largely contained and that the global economy is as strong as it has been in decades.