Posted on 04/25/2010 5:01:59 PM PDT by mlocher
WASHINGTON (Reuters) - Treasury Secretary Timothy Geithner said on Sunday that proposals to more tightly regulate the financial sector are not a threat and will ultimately be a benefit to banks by making them more credible.
Interviewed on CNN's "GPS" program, Geithner said the financial crisis had exposed the degree to which banks had strayed from their traditional mission of channeling Americans' savings into growing businesses.
When trouble developed because of excessive risk-taking, customers suddenly went from "banks falling all over themselves to lend them money at unrealistic rates, to credit drying up in a heartbeat," he noted.
"That system didn't work so good for our country," Geithner said. "That's why I think these reforms are not just so important for future growth, but they'll be better for the overall public interest and (for) having a strong, stable institution."
He acknowledged there was staunch opposition from some firms on Wall Street that fear some of their trading and other activities might be curbed, but said it will not stop the reform drive.
(Excerpt) Read more at news.fidelity.com ...
GPS == Geithner Plays Stupid.
When you are a socialist, the obvious free market solutions to the financial crisis fall through the cracks. For any group of people to think they have more knowledge and wisdom than the market is pure hubris. In Geithner's case, that would be Hubris, with a capital H.
Oh you KNOW it'll benefit Wall Street...
Is he playing?
"Devilishly handsome" is how The Money Honey, Maria Baritorom, described him when he was nominated. At least she was half-right.
A two-bit sellout and low class whore, is how he strikes me. Eliot Spitzer's dog.
Can I buy an "o"?
Even Eliot Spitzer's dog finds a "friendly" leg from time to time.
What happened to the class envy argument? I thought we should hate them, oh but now we want to help them. Maybe we need to hurt them and that will help them and they probably like it anyways.
Right out of George Orwell.
those banks were following the rules Bawney and Dodd forced them to follow. So now they are adding more to make things better?
Pray for America
Wasn’t little Timmy supposed to be overseeing Wall Street during the market collapse? Why will new reforms work any better?
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