Fareed speaks with former U.S. Treasury Secretary Tim Geithner about criticism of the Obama administration's response to the financial crisis. Watch the full interview on "Fareed Zakaria GPS," this Sunday at 10 a.m. and 1 p.m. ET on CNN
So critics would say that this is the weakest recovery since the Great Depression, so in 60 or 70 years. That much of that weakness has to do, The Wall Street Journal editorializes often, because of all the burdens that the Obama administration has put on it – regulatory burdens from Obamacare, from Dodd-Frank, the re-regulation of the financial industry. What do you say to them?
I've been exposed to that view and it’s true that we definitely brought some substantial changes to the economics of the financial system. And those were disruptive and they definitely changed the economics of it.
But that was a necessary, just thing to do. And this recovery, if you look at our experience against the record of the last hundred years of recoveries following bad finance crises is it's a moderate recovery. But it looks pretty good in relative terms.
And if you look at the American economy today, you're going to see a gradually strengthening economy, and we should see not just unemployment fall further, but we should see income growth improve for a broader fraction of Americans. And that's again, I believe, because we adopted a dramatically different strategy into our crisis than had been the pattern of governments really across decades and decades.