In it, he blames the recent financial crisis on the lack of regulation. From the WSJ:
The failure to modernize the financial oversight system sooner is the most important reason why this crisis was more severe than any since the Great Depression, and why it was so hard to put out the fires of the crisis. The failure to reform sooner is why the crisis caused gross domestic product to fall at an annual rate of 9% in the last quarter of 2008; why millions of Americans lost their jobs, homes, businesses and savings; why the housing market is still so far from recovery; and why our national debt has grown so significantly.
So, Washington brought the Dodd-Frank Bill. However, there has been a huge backlash to financial regulation. And Geithner can only think of one word to explain it.
…Yet only four years after the financial crisis began to unfold, some people seem to be suffering from amnesia about how close America came to complete financial collapse under the outdated regulatory system we had before Wall Street reform.
And the Treasury Secretary isn’t the only person in the Geithner household who holds this sentiment.
My wife occasionally looks up from the newspaper with bewilderment while reading another story about people in the financial world or their lobbyists complaining about Wall Street reform or claiming they didn’t need the Troubled Asset Relief Program. She reminds me of the panicked calls she answered for me at home late at night or early in the morning in 2008 from the then-giants of our financial system.
So, for the sake of peace in the Geithner home, quit complaining about financial regulation.
Read more: http://www.businessinsider.com/geithner-wsj-amnesia-financial-regulation-2012-3#ixzz1nxdvXx53