Our current system of regulation of the U.S financial system is not only "screwed up," it's "crazy," too.
That's what Treasury Secretary Timothy F. Geithner said in a recent hour-long interview at the Securities Industry and Financial Markets Association in New York that was notably candid and blunt.
Asked by interviewer Charlie Rose of PBS television if his job as the beleaguered Treasury Secretary during the worst economic downturn since the Great Depression has aged him, Geithner admitted, "I'm getting older."
Geithner presented an Obama administration argument for assigning the government more authority in overseeing Wall Street and the financial system, reported The New York Times.
The country needs to devise a means to shield small banks and lenders from the failure of big financial institutions, Geithner said.
"It's a war of necessity, not a war of choice. And it's a just war," he said.
Geithner declined to say if the government would authorize a second round of stimulus money.
"No decision has been made, and it does not need to be made yet," he said.
Geithner also dodged the question of how long the government would support the nation's faltering financial institutions.
"Not a day longer than we need to," he said. "And I don't think that long actually."
As the government threatened to ramp up its regulatory oversight of Wall Street, SEC Chairman Mary Schapiro said she was looking to rein in “naked access" to public markets which benefits high-frequency traders, according to Reuters.
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