Sunday, July 20, 2008

Paulson: More Bank Failures On The Way

Treasury Secretary Henry Paulson hit the Sunday talk shows to tell America what you could have learned in April from future American Oligarch Randal Quarles, there are more bank failures on the way.

"I think it's going to be months that we're working our way through this period _ clearly months," he said. "Of course the list is going to grow longer given the stresses we have in the marketplace, given the housing correction," he continued.

Paulson said he hoped Congress soon would approve his plan to help shore up Fannie Mae and Freddie Mac, the government-sponsored mortgage companies.

"I'm very optimistic that we're going to get what we need from Congress here, because Congress understands how important these institutions are," Paulson said.

Paulson appeared on "Face the Nation" on CBS and "Late Edition" on CNN.

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