The Wall Street Journal and Digg worked together to get a decent interview with Treasury Secretary Timothy Geithner on Tuesday, August 25th. The interviewer is Alan Murray, Deputy Managing Editor of the Wall Street Journal.
Geithner explains the common explanation by advocates of the Federal Reserve why the financial collapse has occurred: 1) A flood of money came into the United States from other countries and encouraged investors to make risky investments in the housing industry, and 2) Leveraging occured outside the allowed scope of government regulation.
I say this not to agree with his arguments, but to reveal what proponents of the Fed offer as their counter arguments.
Also, this video explains the power of online social networks, as Digg questions made by only a few hundred people recived direct answers from the Secretary of the Treasury. Pretty impressive.Published in