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Thread: Paulson: 'Economy strong despite stock plunge'

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    Paulson: 'Economy strong despite stock plunge'

    Treasury's Paulson: US economy strong despite stock plunge

    WASHINGTON (AFP)

    US Treasury Secretary Henry Paulson, seen here in February 2007, tried to reassure investors the US economy is robust, despite last week's unsettling stock market plunge. Treasury Secretary Henry Paulson on Sunday tried to reassure investors the US economy is robust, despite last week's unsettling stock market plunge.

    "I'm feeling good about the US economy," he told ABC television Sunday.

    "Anybody that has watched markets knows that they don't always over time reflect economic fundamentals and markets never move in any direction forever in a straight line," Paulson said.

    Paulson travels to Japan, South Korea and China this week for talks on global financial imbalances that may have led to the current stock market turmoil.

    "I look at and put it in perspective, and say over the last year the Dow's up over 11 percent the S P is up nine percent, and I'll take it."

    Investors braced for turbulence after a grim week on Wall Street and other global markets, as analysts debate whether the slide was a correction or the start of a broader downturn.

    The Dow Jones Industrial Average of 30 blue chips skidded 4.2 percent for the week to close Friday at 12,114.10, in its worst week since March 2003.

    The broad-market Standard Poor's 500 index tumbled 4.4 percent on the week to 1,387.17.

    The technology-heavy Nasdaq composite index plummeted 5.8 percent over the week to 2,368.00.

    Paulson also tried to tamp down concern that Beijing could soon dethrone America as the world's economic engine.

    "I would say that our relationship with China is multifaceted and it's a very important relationship for the US," he said.

    "I don't believe we need to make China an enemy," said the former Goldman Sachs chief executive, who warned against protectionist sentiment.

    "Being open to trade in foreign investment has been one of the pillars in competition that has made this economy great," Paulson said.

    "It's helped everyone. It's helped our workers. We're all going to do better in an economy that is growing and vibrant than one that isn't," he said.

    04/03/2007 18:47:07 UST
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    Re: Paulson: 'Economy strong despite stock plunge'

    the stocks and the economy better stay consistant and strong, because I'm trying to get employed so that I can start investing as soon as possible and my livelyhood is gonna problobly dependent on those stocks for awhile
    "A star is extinguished, another will begin to shine - thus it is written in the Book of Nature" - Guido von list, 'Der Ubesiegbare'

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