Rose: But bear with me on this. You clearly did, and then at the New York Fed, you were associated with a lot of intelligent and smart people. But did you see this coming?
Geithner: [unintelligible]
Rose: Yes, did you see Citibank, which was under your jurisdiction in New York, was in deep trouble? Did Bob Reuben see they were in deep trouble? Did a whole range of people who had performed well in different circumstances see what was going on?
Geithner: Charlie, most people missed this...Rose: Because?
Geithner: -- didn’t see — you know, it’s a hard thing to understand. I think that probably was, you know…
No, Tim we don’t freakin’ know. Nor do we know exactly why Obama chose you to fix the economy. We do know that when a speaker sinks into a bunch of “you knows” then you know they are being evasive as well as inarticulate.
I know what you’re thinking. And if you are thinking, "You people drank the Obama Kool-Aid and now you’re pissed," you would be wrong. Because one has only to consider the alternatives to know that we would pick up that glass again, any time.
TARP + AIG = WTF
This Week’s panelist Frank Rich said that there “was this huge populist anger.” I have dubbed the anger “The New Mood.” We both agree it is all about the flawed administration messengers in general, and Tim Geithner in particular. New concern about AIG’s huge bonuses that are on the table because, as Sumner said, "we can’t abrogate contracts." Really? Tell that to those whose contracts were shredded. One thing is certain: if Tim can fix the economy, he will at the same time fix the newly formed bad mood.
For this article, I am using the new moon as metaphor. “You see nothing on the new moon.” Can this be applied to a new administration? Should the country be seeing more “nothing” than something? Is the president overreaching? Geithner reveals that we should be satisfied in the knowledge that a trillion interventions have been put into place, and that this administration has done more in six weeks than others did in two years!
It remains to be seen how these interventions will fix the economy and the mood of the country. What mood will prevail a year from now, or at the end of the president’s first 100 days? Heloise is not happy, and she is not alone.
Article comments
— go to most recent comments1 - Baritone
We are an impatient bunch aren't we? God! Almost 2 whole months in and we're still deep in the woods?
Well, it's a big fucking woods!
Everybody's up in arms about Geithner and his taxes. Who really gives a rat's ass? Can he do his part to find us the way out beyond the trees? That's all I care about. While the proof will be in the pudding (to change metaphors) I've seen nothing to exacerbate my doubts. Not all, not even most of so called top economists have graded Geithner at this juncture.
If you put 10 economists in a room and directed them to figure out how to make change for a dollar, they'd come up with 10 different solutions - a couple might actually be right.
I simply find it bewildering how so many people have given up on Obama when the game (change again) isn't even out of the first inning. Nothing's going to happen overnite. There's going to be no "presto-chango." It's going to be a long, pitchers' duel kind of game.
I liked it when all the Obama naysayers were pointing to the plunging stock market as proof of his ineptitude. What say they now after 4 straight up days and today's slight (7 point) dip?
The drop in stocks had damn little to do with Obama and his policies, neither does the recent upswing.
Frankly, I don't know (and no one does) if Obama will succeed. I think it became clear during the campaign that McCain hadn't a clue and would have really screwed the pooch had he won.
Cheney and others are keeping busy writing revisionist history claiming all of our problems are the fault of the Dems - that in the 2 years they held sway (barely) in Congress that all the damage was done - that Bush and his gang were and are pure as the driven snow. Cheney is an ass.
Baritone
2 - Janice Neal
How would the country be if Rush Limbaugh was our president? What a disaster THAT would be. He thinks he can attack President Obama and not make a fool of himself. Wrong.
3 - pablo
Hey Baritone,
Are you part of that Obama Youth Brigade I keep hearing about? If so what color are your shirts? I suspect that they are brown pal.
4 - roger nowosielski
Pablo,
You're not going to convince B-man into buying into your conspiracy theories. Ain't gonna happen.
On a more serious note, why don't you read my
Politics and Ethics piece and I'll do likewise with the video and the other source you provided.
Then we can exchange notes, OK?
5 - pablo
Roger,
I am not selling anything, zero, zilch, nada, particularly to an obama zombie. I did read your Politics and Ethics article when it came out Roger, and quite frankly it is over my head, and thus I did not comment on it.
6 - pablo
Roger,
That being said I am a big Lysander Spooner fan. :)
7 - roger nowosielski
Shoot, Pablo. That's the severest critique I got so far. Not to blame you, of course. I had better get to the drawing board and communicate more clearly. And that's only because I do respect your intellect. Thank you.
8 - roger nowosielski
I think I understand, Pablo. You're more into the nitty-gritty, the ugly practice and deception; and I, perhaps because I want to escape it, acquired a theoretical bent.
Something to thing about.
9 - pablo
Roger,
Yup I am more of a nitty gritty kind of guy, nuts and bolts. I wonder if you have ever read any of the articles that I did contribute to blogcritics in the past. I wrote five of them.
I am happy that The Obama Deception which has been out only several days now has already made the front page of both youtube and video.google, quite amazing actually. I see more people waking up than ever before.
I think it is obvious to just about anyone that there is a ruling elite. Incidentally there is an excellent article in wired.com currently about the Bilderberg Group, also a rather derogatory one about conspiracies in wired.com.
I chuckle to myself about Clavos, who recently by his own admission lost 40% of his retirement funds in the stock market. Not only is he not smart enough to know he has been fleeced by the same people I have been talking about for the past year, he leaves the remainder of his dough in their care! That in and of itself speaks more about Clavos's politics than any of his fancy words.
If I had a printing press and could print up legal fiat currency and lend it out to the federal government at interest I could take over the world too. It's really not that complicated.
10 - Heloise
Baritone, calm down. I have not given up on Obama. But to say that it is too soon is wrong-headed. This is not a new problem, but it has a new mood/tone to it because we have a NEW president.
We are not blaming Barack, but the people he has put into place who were there when AIG et al was driven in the ground.
Heloise
11 - Clavos
That in and of itself speaks more about Clavos's politics than any of his fancy words.
Yes, it does.
I'm a firm believer in the NWO.
I profess no loyalty to any country, only to the Group.
/sarcasm
12 - Clavos
If I had a printing press and could print up legal fiat currency and lend it out to the federal government at interest I could take over the world too.
Don't just stand there, do it!
13 - Clavos
I did read your Politics and Ethics article when it came out Roger, and quite frankly it is over my head...
No surprise there...
14 - roger nowosielski
Heloise,
You quite right about some of the appointments, especially of Larry Summers. It was severely criticized by the radical left (Naomi Klein, et al) on Democracy Now! website. I'm not certain (yet) if your complaint is about insufficient radicalism or "politics as usual." If the latter, then I totally concur.
I wrote a little summary on Summers' appointment that was aired on the aforementioned website ("Mr. Obama's Stimulus Plan") so you might look at it to see whether you agree. Otherwise, nice work.
15 - roger nowosielski
"I profess no loyalty to any country, only to the Group."
Thus you live, and thus you shall die.
16 - Heloise
Hey Roger, provide the link for your article, you know I'm stupid.
Yes, my fury is all about "business as usual--BAU." That is why I am totally railing against his man Duncan also. I know Chicago teachers who know all about that guy. He is/was a syncopant who climbed the ladder the old-fashioned way.
The thing about your observation I think is this: that radicalism and BAU are mutually exclusive aren't they? I mean if one is radical and executing revolution rather than mere rotation you won't be about BAU. You will be about "throwing the bums out" as I have advocated in the past.
In fact, when the first bomb of the bailout dropped (before the election) I wrote a breaking news comment that AIG was its first target. I have to check my facts but I think those AIG assholes were the first to get TARP monies.
Seriously, I am mad that Obama has picked a Tim, a Tom and an Arne.
Heloise
17 - roger nowosielski
Heloise,
(I love that name, BTW. Reminds me of Wagner's opera)
This should do it: the link. Let me know if it doesn't work.
Don't denigrate yourself. You write well, you're not stupid.
18 - roger nowosielski
Just looked at your website. Philosophical mindset, especially the classical mode.
Interesting.
19 - Heloise
Thanks Roger, I will check it out now. I was just echoing what my students' say about me :). Are you on my facebook list?
Heloise aka Leslie McClinton (facebook real name)
20 - roger nowosielski
No, not quite proficient with it. I'll look at it though. Thanks.
We'll talk later.
21 - Cindy
(whistles...)
22 - Cindy
(and then looks at her watch)
23 - bliffle
Good article, Heloise.
I agree that it is too early to judge Obama, but it is open season on Geithner, who should be employing better tactics. He appears to be adrift, over his head, in fact. I think he is naive, as evidenced by his statement that the bonus contracts cannot be abrogated, since such contracts are abrogated every day.
I'm also rating Larry Summers very low. He seems to be no better.
24 - Heloise
Thanks Biffle, Summers was all over TV this Sunday along with Geithner. Two Harvard egg heads that I have have already put on my "I-told-you-so list." Enough said?
Heloise
25 - Heloise
My Tim article"“What a Tangled Web…”
Heloise