US Treasury Secretary Henry Paulson spoke at length yesterday of the serious ongoing problems in the US housing, mortgage and credit markets and the drastic measures which are likely to be required for those markets eventually to return to some form of normality. Listening to him, it was tempting to swallow Alistair Darling’s claims in Wednesday’s Budget that we in the UK should count ourselves lucky that we are comparatively well positioned to weather the credit crunch and global economic slowdown.
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