Treasury Secretary Henry Paulson took some time today to talk to journalists and attempt to calm the nation during a tumultuous Monday for Wall Street.
Paulson said he believed that the biggest issue facing the U.S. economy remains the housing price correction, or as others have called it, the housing crisis, the mortgage crisis and the credit crisis. When asked if we were near a bottom, Paulson came off about as optimistic as one could on a day like today:
"I believe that there is a reasonable chance that the biggest part of that housing correction can be behind us in a number of months. I'm not saying two or three months."
He also tempered his comments with this:
"We're going to have housing issues in this country -- and mortgage issues -- for years."