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Sunday, May 24, 2009

Geithner Interview

Geithner Dismisses GOP Socialism Charge as 'Ridiculous', Federal Eye: Treasury Secretary Timothy Geithner admits private investors are worried about investing in new government-backed commercial mortgage securities and dismisses as "ridiculous" a recent Republican National Committee resolution stating that Democratic policies bordered on socialism. ...

Update: Calculated Risk comments on Geithner's remarks:

Although there were many factors in the housing and credit bubble, the two keys were: 1) rapid innovation in the mortgage industry (securitization, automated underwriting, rapidly expanded wholesale lending, etc), and 2) a complete lack of oversight by regulators. ... Geithner failed to mention the rapid changes in lending and the failure of government oversight as the two critical causes of the bubble. Either Geithner misspoke or he still doesn't understand what happened - and that is deeply troubling.

    Posted by on Sunday, May 24, 2009 at 02:45 PM in Economics, Financial System, Video | Permalink  TrackBack (0)  Comments (9)

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