Financial turmoil will not end quickly

“The turmoil will not end quickly and significant challenges remain ahead,” Secretary of Treasury Henry Paulson said during a press conference to update Americans on the efforts to end the financial crisis. Paulson stated that he was working with President Bush, Congressional leaders, and both Senators Obama and McCain to find an interim chief financial officer that would “maintain continuity” with Congress and the next administration. The housing correction has been repeatedly pointed to as the root cause for the current financial crisis, and Paulson ensured Americans that “Congress was correct to take swift and bold action.” Strong international partnerships must be created and maintained in order for the crisis to end, Paulson said, as he also believes that central banks around the globe are prepared to stabilize the markets.