In wake of the worst economic crisis since the Great Depression, Treasury secretary Timothy Geithner has stated that the Obama administration will prevent another financial collapse like the one that occurred last year. In an interview on Tuesday with National Public Radio, he said the administration “cannot afford to let the country live again with a risk that we are going to have another series of events like we had last year. That is not something that is acceptable.”
Slow But Stable Recovery
Geithner was against the notion that the commercial real estate problems and a weakening dollar could trigger another crisis again. He did however state (in a different interview) that it would take several months for the economy to experience positive growth. With respects to the current crisis, he believes that large bank have “a long way to go” to earn the trust of the consumers again.
He also wanted to point out that he was not devoting too much time conferring with the largest banks, contrary to what the majority of the public may think. Lastly, Geithner said that there are some aspects of the economy that are definitely improving, such as the rise in consumer and business confidence.