Posted on July 22, 2010

Geithner: Economic Crisis Caused By People "Living Beyond Their Means"

"And a lot of that is simply because again -- you know, this is a crisis in part because -- caused by the fact people were living beyond their means for a long period of time. And so inevitably we were going to go through a very difficult transition as people save more, reduce their debt burdens," Treasury Secretary Tim Geithner told Charlie Rose.