The financial crisis of the past two years show the financial system "failed in its most basic responsibility" to supply credit and protect consumers and that cannot happen again, the U.S. economy has endured "indiscriminate and unforgiving" damage as a result of the crisis, from people losing their jobs and homes to businesses shutting down, banks closing and many markets breaking down as credit suppliers.
"It took the federal banking agencies until June 2007 to reach final consensus on supervisory guidance imposing even general standards on subprime mortgages," U.S. Treasury Secretary Timothy Geithner said, adding "By then it was too late."
http://www.cnbc.com/id/32123598
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