Paulson: Housing aid first, profitable stimulus a shut second

January 07th, 2008 | Category: Politics, Housing

U.S. Treasury Secretary Henry Paulson in a speech delivered Monday said the Bush Administration was weighing how to supply stimulus to the U.S. economy - - including a possible fiscal stimulus package - - but added that the administration does not want to rush a package.

Paulson, speaking at an event sponsored by the New York Society of Securities Analysts, said the administration’s instant goal is to play down the affect of the housing correction on the U.S. economy.

Paulson said the nation

was facing an “unprecedented wave” of 1.8 million subprime mortgages scheduled to reset to sharply higher rates, and underscored that the administration’s negotiated deal with the mortgage industry to freeze selected mortgage rate five years will help the housing market recover, and avert a possible market failure.

Continue reading Paulson: Housing aid first, profitable stimulus a shut second

Original post by Joseph Lazzaro

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