Geithner Gets All Huffy
Published by marco on
The following six-minute video is of Marcy Kaptur (Ohio) grilling Timothy Geithner about his activities, interests and intentions during and after the bailout.
Kaptur is absolutely right to do this and Geithner’s exasperation comes across as extremly dickish. He is an appointed official, she is an elected official; he answers to her. That his every answer must be “Goldman Sachs” when asked about his cohorts is his fault, not hers. It would be nice if not only he, but many others who, as Geithner himself puts it, “were people of enormous integrity and experience operating in exceptional circumstances”, were actually prosecuted for what at best can be termed criminal negligence.
That Wall Street is riding high while the rest of the country—and world—rides out the big Recession is something that didn’t just happen despite everyone’s best intentions: It was engineered by the worst of the worst, by the sociopaths that Geithner and his ilk invite to all of their pow-wows. Geithner should go down because he’s incompetent, if not criminal. He’s still defending his actions without admitting to any mistakes despite all evidence to the contrary.
Still, after getting a warm and fuzzy watching Geithner getting raked over the coals, remember that Bernanke just got appointed to another term—despite having missed (probably deliberately) the real-estate bubble—so Geithner’s probably not going anywhere. Larry Summers, architect of the repeal of the last shreds of financial regulation, is also still gainfully employed by the administration and is happily making policy. Removing the incompetent from power is so 20th century; get with the times.
“Mr. Bernanke has offered no hint that he feels the need to adopt policies that might bring unemployment down faster. Instead, he has responded to suggestions for further Fed action with boilerplate about “the anchoring of inflation expectations.” It’s harsh but true to say that he’s acting as if it’s Mission Accomplished now that the big banks have been rescued. […] policy decisions at the Fed are made by committee vote. And while Mr. Bernanke seems insufficiently concerned about unemployment and too concerned about inflation, many of his colleagues are worse. Replacing him with someone less established, with less ability to sway the internal discussion, could end up strengthening the hands of the inflation hawks and doing even more damage to job creation.”
To sum up, Bernanke will continue to give away the country—lock, stock & barrel—to private interests, but he’s not incompetent. He’s a very accomplished enemy of the public interest.↩