Paulson says Global Markets Remain Strained; Pledges to Move Quickly

By: Associated Press Email
By: Associated Press Email

WASHINGTON (AP) - Treasury Secretary Henry Paulson says while
the coordinated interest rate cuts by the Fed and other central banks Wednesday are "a welcome sign," global financial markets remain
"severely strained."

Paulson says "the turmoil will not end quickly" and the economy still faces "significant challenges." He called for patience, saying the administration is moving quickly to implement the 700 billion dollar rescue plan for the financial industry. But he also warned that even with the program buying bad assets from financial institutions, some banks will fail.

Paulson told reporters today that it will be several weeks before the program makes its first asset purchases, saying "getting it right is as important as getting it done quickly."

Of the interest rate cuts, Paulson said it was evidence that the world's central banks "are prepared to take the necessary steps to support the global economy."

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