Bloomberg Upbeat on Handling of Fiscal Crisis

Mayor Michael Bloomberg is expressing confidence in the CEO's and government officials who are dealing with the financial crisis on Wall Street.

BLOOMBERG: They know what the problem is and there's no easy solution. We've gotten ourselves in a situation that has taken a long time to build and has hurt many people. I don't know whether the worst is over. I think the panic is probably over.

REPORTER: The mayor spoke to reporters in Washington after testifying during a house committee hearing on climate change. Bloomberg says he's glad Secretary Henry Paulson is in charge of the Treasury Department.