WASHINGTON-Credit unions' recovery efforts in the wake of Hurricane Katrina represent the "spirit of America." Treasury Secretary John Snow was late for his appearance at NAFCU's Congressional Caucus due to a meeting at the White House. "We were working on the issue that's on everybody's mind and that's the recovery from Katrina," he explained. He commented on the economic consequences of the destruction, which he said must be repaired in a "fiscally prudent way" and added that the current estimates floating around the public and media for rebuilding seem very high. "The short term economic consequences in the region are devastating," Snow said, but the national impact will be temporary. The rebuilding of the storm ravaged areas, however, will help lead the economic recovery, he pointed out. Snow continued, "Credit unions have an awful important role to play in that" and their response has been "really terrific." NAFCU President and CEO Fred Becker asked the Treasury Secretary to comment on a housing bubble. "There is some easing off going on." he responded. "I think the bubble is a gross misnomer." Snow added that there is not just one housing market in the country but several local ones. "The idea that we're going to see a collapse of the housing market seems to me improbable at best," he said. [email protected]