“Our system was not designed to sustain a shock, a crisis of this magnitude. It’s the tragic failure of financial regulation in this country.”
Tim Geithner, U.S. Treasury Secretary, on Charlie Rose Tuesday night. The financial system, largely designed 90 years ago, simply hasn’t adapted, he expained. How will the chaos resolve? The system “will emerge stronger,” Geithner said, as bad practices get forced out. So he hopes, and so do we.