Paulson: The Worst Is Behind Us

U.S. Treasury Secretary Henry Paulson said U.S. financial markets are emerging from the credit crunch that many economists believe has pushed the country to the brink of recession, according to The Wall Street Journal.

"I do believe that the worst is likely to be behind us," Paulson told the newspaper in an interview.

The Journal said Paulson's comments appear to be the Bush administration's most optimistic assessment yet about the financial turmoil that began last year with defaults on subprime home loans and spread through financial institutions that owned tens of billions of dollars in mortgage-backed securities.

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