Geithner Pick Mystifies Some Traditional Democratic Constituencies

Wall Street Journal:

As a young Treasury aide in the late 1990s, Timothy Geithner once said his proudest accomplishment was helping assemble more than $100 billion in international rescues to combat financial instability in Asia and Latin America.

Compared with meltdowns prior to the late 1990s, "the world proved much more resilient in confronting the recent crisis, because of the strength of the policy response and the financial force we mobilized in support of strong policies," the career civil servant, then 37 years old, told a reporter at the time.

Read the whole story: Wall Street Journal

Comments

[DemocratByDefault]

Good grief, the same folks that are defending Obama's cabinet picks are probably the same ones that defended W and his administration. Unquestioning and blind trust in the President are what got us into the current mess we're in with the war and the recession. The idea that the President has information we peons don't have and knows what he's doing is not the basis for good democratic government. The only way true change can come is if we don't let Obama and the Democrats slide back into the status quo and listen only to moneyed interests and lobbyists. Picking Geithner and Summers do not auger well for "change".

[mulegino]

You make an excellent point that needs only one small clarification-"the same folks that are defending Obama's cabinet picks are ' just like' the same ones that defended W and his administration." Not the same people, no doubt, but equally blinded by partisanship as those now contemptously referred to as the "27 percenters" or some similar number.
Just the same arguments were made before the invasion of Iraq-"the president obviously has information that you don't, etc." Well, it turns out that a lot of us unwashed peasant types got it right and the prez and his neo-con band got it wrong (or deliberately lied about it).
No participatory democracy can long endure whose citizenry abandons itself to blind faith in its leaders judgements.
Obama was elected to initiate change, and all patriotic Americans pray that he succeeds and wish him well, but should not cease to voice doubt where doubt is warranted or resort to criticism when it is deserved. Americans are not subjects of a king or followers of a "leader"-they are (or should be) sovereign citizens who elect their public officials to govern in the best interests of the nation and to promote the general welfare of its inhabitants, not to perpetuate a myth, or gain a legacy.

[Pdubya]

A nation-wide event yesterday, not covered by U.S. MSM, but covered by Russia Today:

http://www.youtube.com/watch?v=8M1Rrp3hzUM

[Infostream]

I'm still hoping Obama will bring real change, but if you understood the Federal Reserve, and few people do, then you would understand the concern. The current financial crisis is the result of the fractional reserve banking/monetary system controlled by the Federal Reserve - it is a system that expands the money supply by creating new money out of thin air as debt, and since they profit from it they not only flood the economy with debt but create too much money thus causing inflation and the devaluation of the dollar. I challenge every citizen to educate themselves about the Fed, how can you call yourself an informed patriot if you don't even understand your country's monetary system? Today there were 38 protests across the US at Fed Reserve Banks, so far the media coverage even on HuffPo - nada.
Thomas Jefferson said: "If the American people ever allow private banks to control the issue of their currency... their children will wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
WATCH FOR FREE:
http://www.youtube.com/watch?v=Pjr6QS7eOPo
http://video.google.com/videoplay?docid=-9050474362583451279
http://video.google.com/videoplay?docid=-515319560256183936

[XME]

It doesn't matter who Obama picks for any position...SOME group of his own supporters won't like it!

[jayjaga]

I'm really puzzled by all these critisms on O's cabinet make up. One thing is sure, Obama has more and better information concerning the abilities of all these people he brings into his cabinet. I do not know what insider information these critics have other than what they read from the press and some old make-up ideas. The moment O was elected as the POTUS, he started receiving highly classified information about the economy, national security, foreign policy and other key national issues that will shape his administration.

Most of us do not have access to these classified information and therefore can not make an informed decision on them. Most of these cabinet appointments are based on several key classified information concerning the candidates' strengths and weaknesses which ordinary people will never come to know.

My humble suggestion is to give O the opportunity to kick start his administration smoothly and confront the nations problems squarely. Considering the challenging environment that pervades the country now, it will be wise we trust our PE to use the right jugdment in his art of governance. Without trust between the peole and the governement, I am afraid their wont be any meaningful progress for the natiion.

[EarthToZoey]

Goodness, no! We cannot do that, jayjaga. That would be just too darn practical. No, we must hoop'n'holler and make a bunch of noise about how MYSTIFIED we are at Obama's informed decisions. Of course, the fact that we -- as you mentioned -- are privy to only a fraction of the story doesn't seem to deter some from rushing to judgment.

But, you know, all of this hand-wringing makes sense. We've been so on-edge and furious for nearly a decade now, so I guess it's a little hard for some to shake that angst. It may be wise to sit back, take a deep breath, and have just an ounce of faith. If these "picks" turn out to be problematic, then we can unleash the hounds.

[nogimmicks]

Timothy Geithner will continue to take the outrageous amounts of the taxpayer money to reward the bankers and add to their megaprofits of the deregulated heaven, just as Paulson does it now. No wonder Geithner is praised by the Merryl Lynch CEO. A real solution is to let this parasitic sector to deflate.

[negotiatethis]

don't you think Geithner looks just like the guy from Ghost?

http://www.myceleb.net/pic/Tony_Goldwyn_0014.jpg

[negotiatethis]

nobody else sees the resemblence?

[EarthToZoey]

Yep, I see it.

[harriscrl3]

I was reading about Geithner on Politico and he and Obama are so much a like its kind of spooky. They were born 4 days apart. they are both pragmatist. they both spend time overseas becasue of their parents work, they both cool and calm under pressure. Very interesting

Carol

[aubrey8]

could you be more specific?....you know them so well.

[Doofus]

Neither is an economist!

Nor was John McCain.

Spooky, no?

[DawnieRotten]

I don't trust anyone who has worked for the Fed. Federal Reserve = The Rothschild's = THE NEW WORLD ORDER. I want someone who is AGAINST the Fed!! The Federal Reseve (Rothschild's) OWN us! We need to break away from them.

[uglicoyote]

Must be a full moon.

[harriscrl3]

I bet you dont trust anyone over 30 either.

Carol

[Pdubya]

You're right on target Dawnie, thank you for posting.

[nibblybits]

What a bizarre headline. It was a short article with only one Dem source saying that they didn't know much about Geithner. It wasn't an objection, nor was the person "mystified". Weird.

[weilim]

The funny thing is Obama and Timothy Geithner have similar backgrounds. Both of them spent most of their childhood in South East Asia, Geithner in Thailand, Obama in Indonesia. They are born in August of the same year. They have two children. Both their parents worked for the Ford Foundation.

[KQuarksSuperKollider]

You are so right this is a guy who served his whole life. It's not like he came from a Wall Street firm. The so-called left that are complaining don't know what they want. They just don't want anyone who has experience I guess to call it change for changes sake.

[riverhouse]

Geithner is a great choice. He's a far better choice than Summers. He'll bring some new thinking to the financial crisis.

[StrategicThinker]

http://www.huffingtonpost.com/2008/11/22/larry-summers-director-of_n_145764.html

[sociocanuck]

What's so mystifying about a well-planned choice? Obama knows exactly what he's doing.

[Egalitare]

Yeah, but what fun is it having common sense choices?

Why aren't we seeing choices like Nader for Commerce or Paul for Housing?

Wow! Just typing that was like taking a massive bong hit!

[Archivist1000]

Stick with the Bong! ... you are obviously as clueless as Palin

[strifeknot]

Yes, status quo neoliberals are so much better than people who want change like Nader. You'd have to be high to want an improvement over clint0nism and triangulation!

[EarthToZoey]

Whaaa? Nader's not gonna be in the O-meisters cabinet?

Dude. You're totally harshing my mellow, man.

[Archivist1000]

What do WE know about it ... just what the Press tells us.

If Obama wants him, and the markets responded well .... then that's GOOD.

[StrategicThinker]

The markets responded well to Paulson, Bernanke, and the Bush tax cuts.

The markets are usually at odds with main street.

[Archivist1000]

I am MYSTIFIED too! I was expecting Obama to choose a plumber for this important post! You know, someone who has a keen understanding of highly complex financial issues!

Wow, next thing you know, Obama will choose someone with Legal experience for Attorney General, or someone who knows where Africa is as Sec of State!

OMG ... he is totally letting us down!

[Grunty1]

I know you kid, but would anyone be surprised if Mccain put Joe the Plumber in a top position?

[Archivist1000]

Joe was expecting a Cabinet post, I am sure....

I'd like to see McCain and Cindy's face if Joe ever showed up on their doorstep to date daughter Meagan LMAO

Joe, you sap .... you are back to being a low life now!