Tim Geithner “Agrees” With Ron Paul – But Still Wants To Keep The Fed!

Ron Paul questioned Treasury Secretary Tim Geithner today on the Federal Reserve’s price fixing activities and the moral hazard generated by a “lender of last resort” that, in cooperation with the government, picks up the pieces and bails out insolvent banks and companies.

Geithner agreed that we need to deal with the problem of moral hazard, which is caused by private shareholders being able to count on government subsidies and taxpayer bailouts. But being a former NY Fed President (2003-2008), he stopped short of acknowledging the Federal Reserve’s causative role in the economic crisis.

Location: House Financial Services Committee
Date: 03/23/2010

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