NEW YORK (Fortune) - The stock market's rally serves as "broad validation" of the Obama administration's financial rescue efforts, Treasury Secretary Tim Geithner said Monday.
But Geithner also stressed that the economy faces "an enormously challenging period ahead" - a view that was vigorously seconded by a panel of economic skeptics headlined by Nouriel Roubini, the economist known as Dr. Doom.
The comments came at an economic discussion sponsored by Time Warner, which is the parent company of Fortune and CNNMoney.com.
All of the panelists agreed the nation's financial regulatory apparatus is a mess, with Geithner calling the overlap among oversight agencies a "spectacle."
The administration is scheduled to outline its regulatory reform plan Wednesday. Geithner said the program, to be unveiled by President Obama, will result in a financial system that's more stable and more efficient. He added that avoiding future crises should make the finance business "a little less exciting."
Geithner said the financial system is in "the early stages of repair" following a round of capital-raising at big banks and other financial institutions.