Timothy Geithner on Crisis Timing
Timothy Geithner is the president of Warburg Pincus, a Wall Street private equity firm. Before joining Warburg Pincus, Mr. Geithner served as the 75th secretary of the U.S. Department of the Treasury. He previously served as President and Chief Executive Officer of the Federal Reserve Bank of New York from 2003 to 2009. He began his U.S government career with the Treasury Department in 1988. Mr. Geithner holds a B.A. in government and Asian studies from Dartmouth College and an M.A. in International Economics and East Asian Studies from Johns Hopkins School of Advanced International Studies.
Geithner is the author of Stress Test: Reflections on Financial Crises.
But on the other hand if you wait too long as what happened in the United States because we didn’t have enough tools and authority initially until Congress acted, and you allow it to get momentum. Then the consequences can be devastating, very hard to break the panic if it’s too powerful. Very hard to put out the fire and it takes what you saw to know what you are able to do - which is massive overwhelming financial force to again protect people from the consequences of the panic.
Former United States Secretary of the Treasury Timothy Geithner describes the importance of timing and action during a financial crisis. Geithner is the author of Stress Test: Reflections on Financial Crises (http://goo.gl/v0R9pg).
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