A recent article in The New Yorker (No Credit) grudgingly praises SecTreas Geithner for successfully rescuing the financial sector.
In an appearance on the Rachel Maddow Show (Geithner on what went wrong), Geithner deftly parried Maddow's questions, discouraged follow-up, and made his case.
Ought I reconsider my previous rather disparaging characterization of Geithner's performance as SecTreas?
No - I don't think so.
Okay - he successfully tackled the financial crisis.
Problem is, we face not just a financial crisis, but an economic crisis, which he has completely ignored.
No one's borrowing (even if the banks were lending).
Unemployment's running at 10%.
Tax policy remains skewed towards the very well off.
It seems extremely unlikely that anyone I know will see his/her personal finances improve over the next few years, even if GDP recovers.
[I remind readers that GDP grew under W - but even 95%-ile households saw no improvement in real income during his tenure. The only boats lifted by this rising tide were the yachts of the extremely wealthy.]
So - no. I continue to view Geithner as a product of the Peter Principle, far too beholden to Big Finance, and far too incompetent to realistically address the deeper, more systemic issues underlying our economic malaise.
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