Geithner's Speech

Some highlights from the speech that Sec.Tim Geithner plans to deliver later today:

I want to be candid:  this comprehensive strategy will cost money, involve risk, and take time. We will have to adapt it as conditions change.  We will have to try things we've never tried before.  We will make mistakes.  We will go through periods in which things get worse and progress is uneven or interrupted.

In our financial system, 40 percent of consumer lending has historically been available because people buy loans, put them together and sell them.  Because this vital source of lending has frozen up, no plan will be successful unless it helps restart securitization markets for sound loans made to consumers and businesses - large and small.