“You look like you're giving aid to the arsonist.”— Treasury Secretary Timothy Geithner reflects on the backlash to the response to the financial crisis with David Wessel in today's Wall Street Journal. Geithner is due to leave his post January 25.
The arsonist burns down your house and says "I'm the only one that can rebuild it so you have to give me money to rebuild it" - and the sick part is: you're not entirely sure he's wrong.
Geithner was complicit with Barack Obama in running up $6 trillion in new debt. His legacy is the downgrade of Uncle Sam's credit rating.
Maybe because people that burned down our economy and then pissed on the flames while dancing around the carcass also got away with billions of tax money without so much a slap on the wrist.
People are pessimistic because the GOP keeps saying the sky is falling.
It's in their interest to keep people pessimistic.
Yeah! Geithner cut tax rates, started two wars in Asia, pushed through an unfunded Medicare drug benefit, and allowed a massive housing bubble, thereby causeing all that new debt. He also refused all efforts by Congress to enact a higher debt ceiling, thereby causing the downgrade of Uncle Sam's credit rating. If only we could have left the Bushies in control past the end of 2008, all would have been well -- tax cuts for all (especially the rich) and surpluses galore. But no, we had to follow the Obama/Geithner leadership into the Great Recession.
Who writes the history books for you, paule?
To add - had our political system squeezed the banksters and fraudsters while ensuring it didn't collapse by putting in jail the people who made this happen, then people would also understand the 'bitter' pill.
It's easy for someone like Gheitner that came from the firm behind much of our problems to play coy with what regulars folks feel - but it's clear that he doesn't really understand. Or else he'd also lead the fight to indict and convict all the fraud and clean out the rotten core.
Instead banks have now consolidated and become larger and even more too big to fail. Just look at HSBC that was convicted of laundering drug money but got away with the wag of a finger. What do you think people feel about that and do anyone honestly think that a bank will think twice about doing something like that again of the end result is a fine?
He doesn't get it, nor do our political system. They're digging their own grave if they think people will take this any longer. Skunks are more popular then our congress at the moment, which is entirely appropriate.