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Geithner: Wall Street has "financial crisis amnesia"

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He doesn't exactly call out Wall Street, but Wall Street is who he's talking about. (Now that he announced he won't be around if Obama has a second term, he does need to keep those job opportunities on the back burner.) You know things have to be bad if even Tim Geithner is blasting the anti-reform masses from Wall Street. LA Times:

"There was no memory of extreme crisis, no memory of what can happen when a nation allows huge amounts of risk to build up outside of the safeguards all economies require,'' Geithner said. "The financial safeguards in the law at that moment were tragically antiquated and weak." The 2010 regulatory overhaul, which included tough new restrictions still being crafted by regulators on the risks financial firms can take, was needed to prevent a future crisis, he said. "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some people seem to be suffering from amnesia about how close America came to complete financial collapse under the outdated regulatory system we had before Wall Street reform," Geithner wrote.
Ummm, not exactly. The regulatory system worked for decades until Bill Clinton, Robert Rubin, Larry Summers and the GOP extremists ripped it to shreds. The system in place at the time of the crash was relatively new, but it was outdated.

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