Geithner Speaks, Markets Tremble

Treasury Secretary Tim Geithner spoke at the Council on Foreign Relations on Wednesday.  So why did the markets spiral out of control?

Geithner briefly sent markets cascading with comments that suggested openness to Chinese proposals to replace the dollar as the global reserve currency, only to jolt them back up by affirming his commitment to maintaining its current status. Here’s a clip of Geithner’s remarks, including his outlook on the potential for further regulating financial institutions.