WASHINGTON — Treasury Secretary Timothy Geithner says it is clear that the government could have done more to prevent the economic downfall.Meanwhile...sane people are aware of the fact that tax cheat, Geithner...had and has no idea what he's doing. So inept was his application that the White House couldn't get anyone to work with him. The Bail Out Bonanza was the improper response to the problem. It was applied ineptly, and abused by Congress as they threw tax payer money at their own pet projects.
In prepared testimony, Geithner says that gaps and weaknesses in the regulatory framework governing banks and other financial institutions "presented challenges" to the government's ability to monitor and address risky market bets.
One problem, he says, is that no single regulator saw its job as protecting the economy and financial system as a whole.
The administration's plan, which Geithner outlined Thursday before the Senate Banking Committee, calls for the Federal Reserve to do that job supported by a new council of regulators.
In short, Geithner says we should have done more. Individuals with an understanding of the market and capitalism know we should have done less. Then again, the current administration is not interested in a strong market or capitalism.