Treasury's Steel Says Premature to Call Crisis Over

NEW YORK -- Treasury Undersecretary Robert Steel said it's premature to say that financial market turmoil stemming from tightening credit conditions is near an end, Bloomberg News reported.

“This is going to take a while to work through, and the improvement from here won't be in a continual line,'' Steel said in an interview on Bloomberg Television's “Political Capital with Al Hunt,'' to be aired Friday. While progress is being made, he added, “there will be some bumps and fallbacks.''

As head of Treasury's domestic finance division, Steel has worked to contain damage from the collapse in the market for subprime mortgages. Former Federal Reserve Chairman Alan Greenspan said on April 8 that the decline in credit is worse than at any time in 50 years, Bloomberg News reported.

-- NYSSCPA.org News Staff

Posted on 4/25/08