Paulson said, “Americans should be more self-confident.”

January 7, 2008 at 10:03 pm | Posted in economy, USA | Leave a comment

But Paulson said a correction in the U.S. housing market — characterized by slumping home prices and weak sales — was “inevitable and necessary” after years in which banks and other mortgage grantors followed “lax” lending practices and prices had risen too quickly.

He also expressed confidence that the economy would weather the crisis, just as it survived the savings and loan crisis of the early 1990s and the bursting of the dot-com bubble at the turn of the century.

“We all focus on the problems we have in the United States, but I can’t think of any other major country that doesn’t have many more issues and difficulties to deal with than we do,” he said, adding Americans should be more “self-confident.”


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