Very bright banker on the current "crisis"
It's finance, not the economy.
Quick and sure action can stem the problems.
Wells Fargo's Kovacevich: The Importance of Hitting Bottom - BusinessWeek:
"What would your advice be for the next President, who will inherit a deeply damaged financial system and a troubled economy?
Priority No. 1 is to get the economy going. This is the worst financial crisis since the Depression, but it is far from the worst economic crisis. Simultaneous with that, we have to figure out a way that we don't continue to have these bubbles. Therefore, we have to look at regulating differently. Some people have called that regulating more, some think deregulation is to blame [for the crisis]. I think it is really a matter of doing things differently than we have done in the past.
Maria Bartiromo is the anchor of CNBC's Closing Bell."
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