Geithner: ‘The credit crunch is not over’
Small businesses took center stage as Washington power players convened to tackle the growing crisis in lending.
By Catherine Clifford, CNNMoney.com staff reporter
WASHINGTON (CNNMoney.com) — One day after Goldman Sachs’ CEO apologized for his bank’s role in the financial meltdown, Treasury Secretary Tim Geithner called on the nation’s financiers to step up and do more to fix the damage they helped cause.
“This credit crunch is not over,” Geithner at a small business financing forum in Washington hosted by the Treasury. “It may feel dramatically better for large companies, but it is not over for small businesses across the country.”
The nation’s banking system was stabilized with taxpayer dollars, and Geithner said he holds the biggest banks accountable for passing the torch from Wall Street to Main Street.
“Banks bear some responsibility for the extent of the damage caused by the crisis,” he said. “And they carry a substantial obligation to help our communities get back on their feet.”
Read more at CNN/Money.com
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