Tim Geithner in End the Fed, by Rep. Ron Paul (R, TX)

On Budget & Economy: 2008 errors: money supply too loose; interest rates too low

As current Treasury secretary Timothy Geithner said: "I would say there were three types of broad errors of policy, and policy both here & around the world. One was that monetary policy around the world was too loose too long. And that created this just huge boom in asset prices, money chasing risk. People trying to get a higher return. That was just overwhelmingly powerful."

The host asked specifically: "It was too easy?"

Mr. Geithner went on: "It was too easy, yes. In some ways less so here in the United States, but it was true globally. Real interest rates were low for a very long period of time.