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The Financial Times reports:

Hank Paulson on Friday said that housing remained “the biggest risk” to the US economy, as new data showed construction of family homes dropping to the lowest level in 17 years.

Speaking at a conference in Washington, the US Treasury secretary said that the correction in the housing market had “further to go”, but that the US was “working through the excess inventory”.

So Hank comes down on Eli’s side. And I still haven’t heard a credible second of Mr. Bratton’s bold call.

Paulson cites housing as ‘biggest risk’
James Politi and Chris Bryant
The Financial Times