Archive » October 23, 2008
WHITE HOUSE URGES PATIENCE
White House urges patience
WASHINGTON (AP) — The Bush administration is pledging to do whatever it takes to battle a severe financial crisis that is threatening to push the country into a steep recession.
But even with the aggressive steps the government has already taken, Treasury Secretary Henry Paulson says it will take time before things get turned around.
“Clearly, we’re going to have a number of difficult months ahead of us in terms of the real economy,” Paulson said Tuesday in an interview on “The Charlie Rose Show.”
Asian markets veered sharply lower Wednesday, with Tokyo’s Nikkei index tumbling 6.79 percent.
Hong Kong’s Hang Seng was down 6.2 percent, while South Korea’s main index shed 5.1 percent.
European markets also opened lower.
A week after Paulson announced the administration would spend $250 billion to buy stakes in U.S. banks, the Federal Reserve stepped up Tuesday with a new program to help money market mutual funds that have been squeezed by worried investors demanding to cash out their holdings.