November 25, 2008
Geithner, The New Treasury Secretary: There is Nothing "New" About Him
The markets soared on Friday on the announcement of Tim Geithner as the "new" Secretary of the Treasury. But just how "new" is he? He was Paulson's "go to guy" as President of the largest Federal Reserve Bank in New York and put together the disastrous AIG bailout, which is still absorbing money. He also was in on Bearn Stearns deal and the decision not to bailout Lehman (which, if we believe whispers, he opposed - very, very quietly perhaps, so quietly no-one heard him). So we have a player in the jerky jerky bailout planning-- which is, as far as I can tell, is to throw loads of money at everything, something will work (the Harvard Law faculty hiring policy) out eventually and they can take credit. Not a great choice; Obama is rewarding those who have made mistakes.
November 25, 2008 | Permalink
TrackBack URL for this entry:
Listed below are links to weblogs that reference Geithner, The New Treasury Secretary: There is Nothing "New" About Him: