Nate Silver: Give Geithner A Break

I don't think he did well yesterday. I don't know that he's the right guy for the job. But what I do know is the following:

1. Nobody, absolutely nobody, has more incentive to get this right than the Obama Administration. If the economy collapses -- well, more than it already has collapsed -- then the Democrats get slaughtered in 2010, Obama is a one-termer, health care doesn't happen, the poverty rate increases by a couple orders of magnitude, and the imperative to fix the environment gets put on the backburner. To suggest that Obama or Geithner are tools of Wall Street and are looking out for something other than the country's best interest is freaking asinine. Maybe their ideas are wrong -- but their hearts are in the right place.

Read the whole story here.

Comments

[funkalicious]

To Say Give Timmy a Break or that he needs to do the right thing for the country and I assume the country you mean the majority of the population and not for the Plutocratic class is naive, and possibly dangerous.

We have spent the past eight years with an Ivy league hack as president some one with the correct provenance for the job like Geithner, a rich connected bureaucrat.

The problem with the banking system is simple, over leverage. The real money to be made is in the international not the domestic market. The Domestic market is the capital base and the international market is the leverage.

Well the plutocrats can control large sums of cash for themselves, keeping the rest of us all broke or deeply indebted to them. Borrow at Zero rates here and expatriate the money to countries with a better rate lower labor cost or countries who provide government services for much less than the US.
Because there are not a lot of 100 million dollar men it doesn't take too many Powerful individuals in power to insure their success and invite you into the group for Generational wealth generation.

Look at Rob Rubin and his 100 million dollar payout..or Bill Clinton etc... Geithner is he on the generational wealth track. keep their flanks covered and get paid out? It is a legitimate question George Bush bought the largest Aquifer in South America. Do any of these people really give a flying fig ?

[PhilipTaylor]

Banksters (used by FDR/others in 1930's) contributed a small percentage to Obama's Campaign! Certainly NOT enough for Obama to give WS BANKS Bailouts. But individual Americans contributed over 85% of his Campaign Funding so he cares more about Middle America!
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Geithner"s lack of detail did NOT drive DOWN WS on Monday!

Not having 1,000 truckloads of cash show up at the Corrupt WS Banks did it!
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Very clear from today’s testimony by Banksters in Congress that Congress needs a session a week to be able to get to the facts. Right now Congress is having a hard time understanding how these Banks operate since very little if any light has ever been shown on these Banksters!

More preparation and testimony is needed to get to the bottom of what they did and to unfold the TRUTH and understand the Scheme so they can prevent repeats!

A full Congressional Inquiry like that done in the 1930's could provide lots of details including Banks financial conditions "ON and OFF Balance Sheet."

We know how they used a HOUSING HYPER-INFLATION Ponzi Scheme that nearly ruined America, but more facts are needed to make sure we can fix it and prevent a recurrence.

From Bankers testimony it became clear WS Banks have NO TOOLS or credit facility to help REBUILD AMERICA’S Main Street Economy!

So lets hear from them why Taxpayers should Bailout Corrupt Banksters?