- Job Cuts Fall to Lowest in Nearly 2 Years: Challenger
- Mortgage Applications Up; Rates Hit 6- Month High
- 'Black Swan' Shuns Public Life Because of Bernanke
- Look Ahead: Markets Count Down to US Jobs Report
- Dubai World To Meet with Creditors Next Week
- FHA to Toughen Mortgage Rules in Lenders Crackdown
- Obama to Send More Troops; Seeks Afghanistan Exit
- GM Removes CEO Henderson; Whitacre Is Interim Chief
- UK Economy Turned, Inflation to Spike: BoE Economist
- Unemployment to Peak at 10.5%: Moody's Economist
- 8 Stocks to Gain on Obama's Afghan Plan: Analysts
- BofA On Proposed Changes In The Housing Bailout Program
- The Future of The Media Landscape
- November Auto Sales Muddle Along
- Busch: What Obama Won't Say Tonight
- Stick with Equities—Avoid Emerging Markets: Laszlo Birinyi
- Pfizer Chomps On A Carrot
- Predictions 2010: Technology
MOST SHARED
- Keeping America Great
- Cisco Has 84% of Tandberg, Won't Extend Bid
- Kohlberg Kravis Bidding for Morgan Stanley's CICC Stake
- Case Closed but Woods Scrutiny Continues
- Australia Regulator Opposes Caltex-Exxon Deal
- UK Economy Turned, Inflation to Spike: BoE Economist
- Toyota Takes Lead Position in Canada in November
- Hyundai's US Auto Sales Jump 46% in November
Text Size 
U.S. Treasury Secretary Henry Paulson said on Tuesday the U.S. economy had turned down sharply but declined to label the situation a recession.
“We know we’re in a sharp downclimb and there’s no doubt that the American people know that the economy has turned down sharply. So to me, much less important is the label that’s placed on it today. Much more important is what we do about it,” he told NBC’s Today Show.
In a separate interview on ABC’s Good Morning America, he described the economy as being in a “sharp decline” — his strongest language yet to describe the current weakness.
He said the Treasury was “all over” the turbulence in capital markets and said he does not think shareholders of Bear Stearns — which was bought by JP Morgan Chase & Co — believe they have been bailed out by the Federal Reserve.
“The big focus on the part of all policy makers is to minimize the spillover to the real economy. We need to keep our capital markets stable, functioning well,” Paulson told NBC.
U.S. Treasury Secretary Henry Paulson said on Tuesday the U.S. economy had turned down sharply but declined to label the situation a recession.
“We know we’re in a sharp downclimb and there’s no doubt that the American people know that the economy has turned down sharply. So to me, much less important is the label that’s placed on it today. Much more important is what we do about it,” he told NBC’s Today Show.
In a separate interview on ABC’s Good Morning America, he described the economy as being in a “sharp decline” — his strongest language yet to describe the current weakness.
He said the Treasury was “all over” the turbulence in capital markets and said he does not think shareholders of Bear Stearns — which was bought by JP Morgan Chase & Co — believe they have been bailed out by the Federal Reserve.
“The big focus on the part of all policy makers is to minimize the spillover to the real economy. We need to keep our capital markets stable, functioning well,” Paulson told NBC.
He said he had great confidence in U.S. capital markets, saying they were resilient and flexible, but it would take some time to work through the turbulence.
Paulson said the planned economic stimulus program could add 500,000 to 600,000 to the economy later this year. The government will begin distributing tax rebate checks of $600 for most individual taxpayers and $1,200 for most couples starting on May 2.
He said he had great confidence in U.S. capital markets, saying they were resilient and flexible, but it would take some time to work through the turbulence.
Paulson said the planned economic stimulus program could add 500,000 to 600,000 to the economy later this year. The government will begin distributing tax rebate checks of $600 for most individual taxpayers and $1,200 for most couples starting on May 2.
Print
Email
- Will the Fed raise rates? Will the dollar continue its slide? CNBC experts weigh in on the year ahead.
- CNBC’s Larry Kudlow offers Tiger Woods some advice on dealing with tabloid scrutiny.
- Goldman Sachs has forbidden employees from gathering in private holiday parties of 12 or more.
- Dictionary.com says that of all words searched for in 2009, a synonym for greed was the top gainer.
- Heavily armed pirates in Somalia have set up a sort of stock exhange to fund their hijackings.
- Since its launch in 1998, Google has become a primary force on the Internet. How much do you know about the company?
Data is a real-time snapshot *Data is delayed at least 15 minutes