03/11/09: I think capitalism will be different, and the financial system will be dramatically different. It’s already dramatically different. Again, if you look at the scale of adjustment and restructuring in the financial system, it’s already happened. It’s profound in scope already. So if you just look at the system today relative to what it was through three years ago in terms of the institutions that existed then, and their basic shape has changed dramatically. And there’s going to be more changes ahead.
But I think it will emerge stronger. This will clean out a lot of the excesses and bad practices, and those that don’t get cleaned out just by experience and knowledge now, better regulation oversight, better rules to the game, enforced more cleanly, we’ll fix.
from Tim Geithner
