Day By Day

Tuesday, March 17, 2009

Geithner's Inglorious Past

Democrats never tire of arguing that the financial crisis and the initial response to it happened on President Bush's watch. Fair enough. But we should note that the response that the response, which Democrats brand a failure, was not formulated without significant Democrat input.

Last November the New York Times reported this regarding Obama's nomination for Secretary of the Treasury, Tim Geithner:

As president of the New York Federal Reserve since 2003, Mr. Geithner has straddled Wall Street and Washington as a central player in trying to resolve the most significant financial crisis in more than 60 years. He would bring a deep understanding of Wall Street and a close working relationship with Ben S. Bernanke, the chairman of the Federal Reserve, his partner in the $700 million bailout, along with Treasury Secretary Henry N. Paulson, Jr.
Read it here. [emphasis mine]

So Geithner was one of the architects of the "failed" policy? Interesting..., verrrrry interrresting!

Oh, and the article reveals one more thing. Geithner is not an economist. Even more interesting.

And there is this. Geithner learned his craft working for Robert Rubin, who during the Clinton adminstration oversaw the growth of the disastrous tech bubble and then ruined Citycorp, and Larry Summers, who failed as President of Harvard.

Why does this not inspire confidence that the tax cheat is the right man to confront today's crisis?

Just sayin'.