This insane agrument took place at a congressional Joint Economic Committee hearing on Thursday on financial reform with U.S. Treasury Secretary Timothy Geithner.
From Reuters: GEITHNER ON NEED FOR REGULATORY OVERHAUL:
"Unfortunately, the regulatory regime that failed so terribly leading up to the financial crisis is precisely the regulatory regime we have today. That is why recovery alone is not enough. To ensure the vitality, the strength and the stability of our economy going forward, we must bring our system of financial regulation into the twenty-first century. We need comprehensive financial reform."GEITHNER ON ECONOMIC OUTLOOK:
We expect continued growth in the fourth quarter and ahead in 2010. But as we press forward toward recovery, there is still much work to do not only to ensure that many more Americans see the tangible benefits of recovery, but also to help ensure that Americans are never again forced to suffer the consequences of a preventable economic collapseBasically, it's time Democrats end the argument by admitting that all those who believed in the Republican free market model, including cool-aide drinking Democrats, were proven wrong. Alan Greenspan admitted it, Timothy Geithner and Larry Sommers admitted it and anyone who can learn from history is admitting it.