Wall Street Must Change and the Debt Must Come Down November 1, 2009Posted by Judy in Economy, Financial Regulatory Reform, FinancialStability.gov.
Tags: Economy, Financial Regulatory Reform, FinancialStability.gov
In a pretaped exclusive interview with David Gregory for Meet the Press Treasury Secretary Timothy Geithner said two things must happen: Wall Street must change and the debt must come down. He also said that the growth that occured was a positive sign but the recovery would take a while.
The indicators of a budding recovery were that GDP growth was at 3.5% for the third quarter and that job losses had slowed. The reason the growth will remain sluggish is because other indicators relaeased were lower than previous months.
Mr. Geithner repeated his admonition (AFP) that the debt was too high and must come down. The debt would be addressed as the economy continues to grow and policies would be decided as conditions dictated. The other importnat statement was that Wall Street must change. The regulatoy proposal caused Wall Street to balk.