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 When discussing the importance of getting regulation reform done, Treasury Secretary Tim Geithner asked, "How can you tell Americans that after all they've gone through over the past year that we're going to leave the same system in place that caused all this? That's a completely untenable thing to do. It's important to [get reform done] while the memory is still seared in." He went on to say: "Of course you're going to see people fight for what they feel is in there short-term interest, but I think there will be broad support for reforms within the industry. "Getting [regulation] right means a better balance between innovation and safeguards. We have a system where every four years or so there was a major financial storm, not like what we just went through, but there was always something. "[In the past] people tended to give too little weight to things that could cause catastrophic damage. The best solution to that is that the system is run more conservatively, because when things turn people go the other way fast. [In a crisis] the damage is indiscriminate, you see money totally stop flowing, and there's no other choice except for the government to step in and fix it." - George White See more coverage from this conference: Jamie Dimon on the financial crisis Jamie Dimon on rescuing other banks Johnstone and Kruszewski on client trust Finance execs on reg reform at SIFMA Conference Board's Spector on compensation Mary Shapiro on the crisis, regulatory overhaul
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