On the morning of January 27, 2009, my first full day as secretary of the Treasury, I met with President Barack Obama in the Oval Office. The worst financial crisis since the Great Depression was still raging, and he wanted to put out the fire for good. The banking system was broken. The broader economy was contracting at a Depression-level rate. Consumer confidence had sunk to an all-time low, and millions of Americans were in danger of losing their jobs, savings, even their homes. The President looked calm and reasonable comfortable after a week in the White House, despite all the bad news he was getting.
I was about to give him some more.
-Timothy F. Geithner, Stress Test: Reflections on Financial Crises