bobbyw24
03-02-2011, 07:30 AM
In a speech given Tuesday before the House Committee on Financial Services, Treasury Secretary Timothy Geithner said the government played a role in bringing down the housing market.
http://cdn.ihatethemedia.com/wp-content/uploads/tim-geithner-beavis-3-e1273328553646.jpg
Geithner also blamed the government for creating moral hazard and leaving taxpayers responsible for cleaning up the mess.
He said the government made mistakes that were avoidable.
“We allowed an enormous amount of the mortgage market to shift to where there was little regulation and oversight,” Geithner said.
http://www.dsnews.com/articles/geithner-concedes-government-incentives-distorted-housing-market-2011-03-01
http://cdn.ihatethemedia.com/wp-content/uploads/tim-geithner-beavis-3-e1273328553646.jpg
Geithner also blamed the government for creating moral hazard and leaving taxpayers responsible for cleaning up the mess.
He said the government made mistakes that were avoidable.
“We allowed an enormous amount of the mortgage market to shift to where there was little regulation and oversight,” Geithner said.
http://www.dsnews.com/articles/geithner-concedes-government-incentives-distorted-housing-market-2011-03-01