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“Speaking before the Senate Banking Committee Thursday, Mr. Geithner provided the first public defense of the proposal, warning that the country ‘cannot afford inaction’ and must make broad changes to consumer protections and improve the everyday workings of financial markets. ‘Our economy has been brought too close to the brink for us to let this moment pass,’ Mr. Geithner said before the panel.” (Wall Street Journal, Friday)

Translation: “If we don’t act now, the crisis will be over and we’ll have missed our chance to ‘fix’ it.”

FEE Timely Classic

Leviathan: America‚Äôs Secret Challenge” by William H. Peterson