“There is no doubt we’re having a tough quarter, that the economy has turned down sharply,” Paulson said.
But he said a swoon in the housing sector, which was largely to blame for the rough patch, was necessary.
“We need to have this correction. It’s not pleasant, but we need to have it,” Paulson said in reference to declining U.S. house prices and homebuilding.
This is going to be an interesting year or 5.