Gordon Brown was today forced to step in and attempt to calm growing panic over the threat of British exposure to Dubai's debt crisis.
".....we can be sure that this is something that is both containable and is localised.”
Henry Paulson, then US Treasury Secretary, 23rd July 2007
"There has been a very significant housing correction. I think we're at or near a bottom there," Paulson said on CNBC television. "I don't deny there's a problem with subprime mortgages but...it's quite containable."
Paulson said the economy was "very, very healthy" despite the problems in the subprime mortgage lending sector.
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