Friday, November 28, 2008

A Bridge Over Troubled Waters?

Who is Timothy Geithner and how did he suddenly become the most important financial guy in the country?
An Economist piece about incoming Treasury Secretary Tim Geithner explored Mr. Geither’s background in the Clinton Administration and his experience handling crises. But a number of blogs were more interested in a middle paragraph that that discusses Mr. Geithner’s youthful appearance and fondness for naughty words. It also notes that he snowboards and has tried skateboarding. The description prompted the Daily Show blog to correct an earlier post that described Mr. Geithner as “boring.”
Well, we probably need some naughty words on the economy about now, although if he mainly says them after screw-ups, perhaps not so much. He's being described as either the best or worst pick ever, whatever that means.

Bottom line, is he just a front man for Summers and Volcker, or his own man? Should we blame him for the Lehman collapse, or for not shouting loudly enough about the problems at Fannie and Freddie? And what were his views on the origination of sub-prime mortgages when he was an Undersecretary of Treasury during the Clinton administration of the mid 90s? Perhaps these questions will be answered at the confirmation hearings, if they last more than a few hours.


Anonymous said...

I believe the answer to your weighty questions will depend upon what your definition of the word is, is.

I beginning to reorient my thinking vis-a-vis the new socialist economic plan, particularly if I can get a hefty sum of money from the government and never have to pay it back. If I can get a monthy government check for ... let's say, $25K ... for the rest of my life, I have no hesitation making the guarantee that I'll put every single dime back into the economy. This will definitely increase the flow of money, and everyone will live happily ever-after.

Semper Fi

A.C. McCloud said...

Sounds every bit as good as the current bailout plan. And it would definitely test the "trickle-up" theory. Let's do it!