Wednesday, February 11, 2009

TARP II: reviews are in...

I didn't listen to Geithner's press conference on TARP II, and haven't even tried to read what he proposed...
All I've read is a few responses, which seem to be none too positive.

From the reviews, it sounds like he didn't take my advice:
Before doing anything else, draft a playbook.
You'll recall:
In November 2008 Treaury Secretary Paulson wrote an Op-Ed in the New York Times in which he stated:
“There is no playbook for responding to turmoil we have never faced."

My response at the time – some six weeks after TARP legislation had been enacted – was, “WHAT’S HE BEEN DOING FOR THE PAST TWO MONTHS?
Shouldn’t Secretary Paulson’s top priority have been drafting a playbook?”
Geithner has had at least a couple of months - much of that time formally responsibility-free - to put together a playbook, a gameplan...

The reviews suggest he didn't, but is continuing Paulson's ad hoc approach.


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