Treasury Secretary Geithner Says New Financial Crisis Coming, But We Won’t Know When Until It Happens

Posted By on May 19, 2011

All we can say is speak for yourself big guy…..the average American was led over a cliff by the Big Banks (too big to fail), the Federal Reserve and the U.S. Government which was chasing growth at any cost.  And they still are!

Geithner, in early 2009 succeeded Paulson as treasury secretary.

Geithner:  In reviewing the crisis,  “Ordinary Americans were not without blame….Americans as a group borrowed a huge amount of debt,” he said. “There was indiscriminate pushing of credit into the fringes of the spectrum.”…….
“I’m certain we will” experience another catastrophe—he just couldn’t say when or what kind. “You will not know,” he answered. “It’s not going to be possible for people to capture risk with perfect foresight and knowledge.  But there will be another storm”.
Under mostly gentle questioning from Pulitzer Prize-winning financial writer Liaquat Ahamed and New York Times business columnist Andrew Ross Sorkin Geithner said “I’m certain we will” experience another catastrophe—he just couldn’t say when or what kind.

Geithner said the saga contained aspects of “Old Testament justice,” prompting Sorkin to ask, “Why hasn’t somebody gone to jail?”

“I’m not in the enforcement business,” Geithner dodged. But then he counseled patience. “That chapter’s not yet written. Don’t reach premature judgments on that.” He added: “You can’t prevent people from making mistakes…Taking too much risk and making stupid mistakes may not be a crime.”

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