Source: CCTV.com

03-25-2009 09:50

Special Report:   Global Financial Crisis

US Treasury Secretary Timothy Geithner acknowledges that the severe banking crisis shows the US financial system has failed a major test and is in need of an overhaul. He says it's important to get it right because the world is watching to see whether the country can correct the flaws that have been exposed.

Treasury Secretary Timothy Geithner, left, accompanied by  Federal Reserve Chairman Ben Bernanke, center, and William Dudley president and chief executive officer of the Federal Reserve Bank of New York William Dudley, testifies on Capitol Hill in Washington, Tuesday, March 24, 2009, before a House Financial Services Committee hearing on AIG.(AP Photo/Evan  Vucci)

Timothy Geithner, US Treasury Secretary said "People across the country are angry and, as they should be, that this economy, the United States of America, got itself in a position where enormous damage has been done as a consequence of a long period of excess risk-taking without meaningful adult supervision. And the consequences of that are tragic, because they're basically fundamentally unfair, because people who were careful and responsible, conservative in their decisions, are suffering a lot from the consequences of mistakes they were not part of."

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Editor:Xiong Qu