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SUNDAY, NOVEMBER 22, 2009
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Geithner to Bankers: Crackdown Is 'War'

Treasury secretary tells Wall Street it must accept regulation

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(Newser) – Tim Geithner had tough words for Wall Street bankers yesterday, telling the financial industry's annual conference that they had no credibility to protest new regulation. The Treasury secretary said government had a responsibility to crack down on dangerous practices on the Street and design new laws allowing seizures of institutions deemed too big to fail. "It's a war of necessity, not a war of choice," said Geithner. "And it's a just war."

Geithner also said the government might extend unemployment benefits and introduce "targeted" economic programs, but he stopped short of calling for a second stimulus, saying much of February's package is still taking effect. He also dismissed suggestions that the dollar was losing its global supremacy and could be superseded by an international currency. "I think the dollar will remain the principal reserve currency for a long period of time," he said.

Treasury Secretary Timothy Geithner speaks during the Securities Industry and Financial Markets Association conference, Tuesday, Oct. 27, 2009, in New York.
Treasury Secretary Timothy Geithner speaks during the Securities Industry and Financial Markets Association conference, Tuesday, Oct. 27, 2009, in New York.   (AP Photo/Frank Franklin II)
Treasury Secretary Timothy Geithner speaks during the Securities Industry and Financial Markets Association conference, Tuesday, Oct. 27, 2009, in New York.
Treasury Secretary Timothy Geithner speaks during the Securities Industry and Financial Markets Association conference, Tuesday, Oct. 27, 2009, in New York.   (AP Photo/Frank Franklin II)
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13 comments
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northeast
Oct 28, 09 7:43 AM CDT
...and he has no credibility to be the one to impose it. Has he forgotten his performance before the White House, in NY? Reply
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+1
IN RESPONSE:
Fondue
Oct 28, 09 8:00 AM CDT
Go figure, a ratified legislative body making laws. I imagine he has not forgotten his actions before going to the WH. Have you ever sought to correct a wrong of your own doing? Oh that's right, you've never ever done anything wrong in your life.....yet. I hope you have the courage in the future to do so.
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+3
IN RESPONSE:
dontlikeyou
Oct 28, 09 8:54 AM CDT
{{{{{ He also dismissed suggestions that the dollar was losing its global supremacy and could be superseded by an international currency }}}} ------ Anyone with a moderate IQ and who pays attention to economics even in the slightest will know from this Geithner comment that he is either (1) a liar or (2) ignorant about economics. ------ Take your pick.
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+2
IN RESPONSE:
dontlikeyou
Oct 28, 09 8:56 AM CDT
Who is regulating the private group of bankers we know as the Federal Reserve? Congress certainly isn't. Until we audit the Fed and remove power over our money supply from this group of private bankers, America will be in great danger.
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+4
IN RESPONSE:
Fondue
Oct 28, 09 8:56 AM CDT
I'll go with 2 just for fun.
Vote up! Vote down!
+2

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