Geithner Comments on the Financial Stability Plan, One Year Later

This story appeared in Bank Digest.

“It was one year ago today that the Obama Administration outlined a Financial Stability Plan to address the four problems at the heart of the financial crisis: frozen credit markets, weakened bank capital, a backlog of troubled mortgage assets on bank balance sheets, and falling home prices,” stated Treasury Secretary Tim Geithner, commenting on the Financial Stability Plan. According to Geithner, the plan “worked to restore economic growth and financial stability,” however, he asserted that, although the “financial system is healing,” it is still damaged and “we have a lot of repair work still ahead.”