Thursday, March 26, 2009

March 26: Geithner Gets the Hang of the Job

By Sylvia Gurinsky

A round of applause for U.S. Treasury Secretary Timothy Geithner. After those early stumbles, it became clear today he's gotten the hang of the job.

Geithner proposed a lot more regulation for this country's financial system:

What's become clear is that the financial system is far more complicated than it was even during the Great Depression. While that crisis brought about new regulations to protect banks and consumers, this crisis has focused attention on the other parts of the system.

Those other parts acted like a bunch of gamblers in Las Vegas, starting, really, during the 1990s, but really picking up steam in this decade. Because of this, the biggest investors in the system - the majority of the American people - suffered.

Today, Geithner clearly explained what happened and why, as well as what needs to be done about it. Bravo. Now, it's up to Congress to enact the reform.

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