Wednesday, January 12, 2011

Geithner Wins, Pundits Lose

Peter Schroeder of The Hill points out that “Treasury Secretary Timothy Geithner has fended off repeated calls for his resignation to become the last man standing from President Obama’s original economic team.”

To which I say, “hurrah!” I held Geithner in high regard before the crisis, and I think his performance as Treasury Secretary has been superb. He has consistently refused to allow the media/political circus to dictate his policy decisions, and, as a result, has been the target of a seemingly never-ending stream of ill-informed and often disingenuous attacks from journalists, politicians, and pundits. (I’ve head all the criticisms of Geithner, and I’ve found them wanting, to say the least.) But, thankfully, he has endured, and I’d say it’s now likely that Geithner will be Treasury Secretary for the duration of Obama’s presidency. In other words: Geithner wins, pundits lose.

12 comments:

Anonymous said...

Hi EOC,
I think it also reflects well on president Obama that he is not getting influenced by the media attacks on Geithner.

anon in austin said...

Quelle surprise !

Anonymous said...

I dont really understand, and maybe you can explain this, what exactly did Geithner do to deserve any platitudes? China is still systematically manipulating its currency, the US still has its budget and trade deficit, too big too fail have become even more too big too fail, 0% interest is the only way that some banks will be able to get from under their derivatives over hang (if at all), unemployment numbers are not moving.
So...it is great and all that Geithner that TARP paid off for itself but without Bernake's pumping of the stockmarket would the government walked away with a win here? Its hard to imagine.

Toronto said...

I have to agree about Obama not getting influenced by the media, well said Anonymous.

urban legend said...

If the NY Fed were requiring participation in the form of a haircut to implement a politically palatable solution, how can that be misusing its authority? The concept of misuse here seems dependent on the characterization that the purpose would be sheer retaliation. If that's not it, then the whole premise fails.

JCH said...

Missed this post. I have been a vigorous defender of Timothy Geithner since the bailout days.

The vast majority of the attacks on him were insipid and silly. There were multiple lows. When the Huffington Post went after his blue-tile bathroom was one of the worst. Barofsky's idiotic attack was another.

Wasting their time attacking Geithner (essentially attacking their own President) was a big reason progressives got their well-deserved butt kicking in the off year. Colossally stupid politics.

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Anonymous said...

Nearly all theDiablo 3 items problems with him or her have been insipid as well as ridiculous. There was multiple levels. If your Huffington Article attacked their blue-tile rest room seemed to be on the list of most detrimental. Barofsky'sDiablo 3 items idiotic attack was yet another.

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