Further Update From Paulson On CNBC

Hank Paulson is currently on CNBC speaking with Erin Burnett talking about the various programs the treasury has in place to stabilize the markets. Paulson says the financial system has been stabilized by the TARP. By the time congress passed the bailout, buying distressed assets were not viable. The change in strategy was to address a situation that had gotten much worse. Ultimately, the purpose of TARP is to get capital in the banks. Paulson said we are still working within the $700 billion structure. He says the crisis was not just about the U.S. subprime market.

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