Paulson says economy facing a rough period - WKOW 27: Madison, WI Breaking News, Weather and Sports

Paulson says economy facing a rough period

WASHINGTON (AP) -- Treasury Secretary Henry Paulson says he's not proud of the mistakes made leading up to the biggest financial crisis in seven decades, but he insists the administration is pursuing the correct course now to end the crisis.

  Paulson on Thursday expressed regret, saying a failure of market discipline and the failures of regulation led to the crisis.

  In a round of television interviews, Paulson said he was confident the $700 billion rescue plan will help to mitigate the impact of the market meltdown on the real economy.

  He cautioned that the country was in for a rough period before things begin to turn around.

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