Monday, April 27, 2009

Geithner: a man firmly wedged in the pocket of criminally-bloated finance

At least Geithner's fundamentalist bank-cartel-centric ideology is out in the open now so, like, the holding Obama to account for the incongruity between his ideological rhetoric and ideological actions can begin, right?

Geithner proposed asking Congress to give the president broad power to guarantee all the debt in the banking system, according to two participants, including Michele Davis, then an assistant Treasury secretary.

The proposal quickly died amid protests that it was politically untenable because it could put taxpayers on the hook for trillions of dollars.

“People thought, ‘Wow, that’s kind of out there,’ ” said John C. Dugan, the comptroller of the currency, who heard about the idea afterward. Mr. Geithner says, “I don’t remember a serious discussion on that proposal then.”

But in the 10 months since then, the government has in many ways embraced his blue-sky prescription....(today's NY Times)

Things must really be that bad.

1 comment:

Alain said...

Hi Matt

Thanks for the link. I appreciate it.

Take Care