Treasury Secretary Timothy Geithner told Charlie Rose last night that the US banking system was not strong or resilient enough to respond to the fallout from the subprime mortgage crisis, and that the regulatory system "designed largely 90 years ago," did not adapt to new challenges: Later, Geithner told Rose that the Obama Administration needs to simultaneously fix the banks for the short term and build a better foundation for the whole system: You saw that in the campaign layout, a set of very ambitious proposals for reform. And in some ways, we face these two critical obligations today. One is to get the economy back on track, fix this system, get credit flowing again, arrest this deepening recession, but at the same time we have this great obligation to lay out for the American people and the world a commitment to the kind of comprehensive reform so that the crisis like this never happens again. And we’re going to move as quickly as we can on both those fronts. The president had the leadership of Congress in the Oval Office two weeks ago to start that process on building consensus on a reform. You’re going to see him lay out to G 20 to the leaders of the world a very comprehensive framework. You know, people talk about this a lot, but not much was done frankly in the run up to the crisis, and we have to take advantage of this opportunity, where we’re living with the acute damage caused by those judgments to put in place a set of reforms that will prevent this from happening again. And the president believes deeply in this stuff, and you’re going to find us very aggressive and creative and ambitious in the scope of change we’re going to try to bring about. You can watch the full interview here . And Greg Mitchell of Editor and Publisher provides a transcript here .