What a difference a year makes

Treasury Secretary Hank Paulson made the rounds on Sunday morning talk shows today in an attempt to lower expectations for a quick rebound in the economy noting there are "challenging times" ahead according to this report in the Associated Press.
It's funny how the 2008 Treasury Secretary is much less optimistic than the 2007 version quoted in this MarketWatch story from more than a year ago.
Hopefully, the banking system is more "healthy" and "robust" in 2008 than the housing market proved to be in 2007.

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This week's cartoon from The Economist: