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Full Text: SecTreas Written Testimony, TARP Oversight, April 21
Treasury Secretary Tim Geithner
Written Testimony
Congressional Oversight Panel
Introduction
Good morning. Thank you for the opportunity to appear before you.
The challenges that our financial system faces are complex, interrelated, and the result of developments over many years. Earlier in this decade, a combination of fundamental factors and financial innovations generated unsustainable bubbles in many housing markets across the country. When those bubbles began to burst, starting in early 2006, housing price declines led to a sharp acceleration in mortgage delinquencies and charge-offs. Those unanticipated losses revealed deep-seated problems in our financial and economic systems. A protracted period of rapid innovation, excessive risk taking, and inadequate regulation produced a financial system that was far more fragile than was generally appreciated during the boom times.
Full Text: April Oversight Report – TARP After Six Months – Congressional Oversight Panel | Includes Dissents
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Congressional Oversight Panel, April Oversight Report | Section II: Neimanan and Sununu Dissent
Congressional Oversight Panel, April Oversight Report | Section II: Sununu Dissent

