Knocking Down The Biggest Excuse For The Bailout | 6 comments (6 topical, 0 hidden)
Repeat of my reply to sterno (none / 0)
Much as I don't think Geithner deserves his job, him getting the blame for how TARP was handled is a huge plate of disingenuousness.

To wit, "The authority of the United States Department of the Treasury to establish and manage TARP under a newly created Office of Financial Stability became law October 3, 2008, the result of an initial proposal that ultimately was passed by Congress as H.R. 1424, enacting the Emergency Economic Stabilization Act of 2008 and several other acts"

Not only was it in place before Obama raised his hand to take the oath, it was before the ELECTION. Geithner was handed a playbook from Hank Paulson - the very things that your post jumps on Geithner for was already in place by the time he was appointed.

Now, if you want to attack him on the way the stimulus was handled, I'm with you...

by MedfordTim on 11/24/2009 01:03:29 PM EST

ummm... (none / 0)

I am 100% with sterno that the Obama Administration (including Geithner) deserve blame on not doing enough to reform and regulate now, but not how they handled the bailout necessarily. 

So I'm much less inclined to believe that Geithner should lose his job.  But somebody has to point out Geithner was the president of the Federal Reserve Bank of New York in 2008.  That means he was sitting at Bernake's right hand during the crisis.  To say that TARP was simply handed to him by Paulson and the previous administration is laughable. 

by publius on 11/24/2009 04:01:49 PM EST

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Since you put it that way... (none / 0)
"Laughable" or not, it remains a fact. There was no "Obama Administration" until the end of January. By then, the deals had been struck and the money given out.

Anyone who wants to say the whole thing was handled stupidly from a non-investment class point of view, I'm right there with ya.

I have no problem saying Geithner and Summers should go because I never thought they should be there in the first place - and they can take Rahm and Gates with them.

However, one MUST remember that it is CONGRESS who "deserve(s) blame on not doing enough to reform and regulate now."

That IS their job, you know. I, for one, do not WANT Obama issuing edicts beyond the scope of his office the way Bush did (to use the most recent example. I am well aware that other Presidents of both parties have abused this as well). I want Congress to be held responsible for the CRAP they keep passing with little to no accountability. Some of the names have changed since last October, but that appears to be the only REAL difference.

I cannot blame Obama for not putting rules in place, but I can bitch at him for not expressing a clear plan showing he's not dependent on former Sacks of Goldman employees. As we have seen with the "health care reform," if he doesn't present a coherent plan, Congress will muck it up until it is unrecognizable as "reform" and will mostly cover Wall Street's assets.

by MedfordTim on 11/24/2009 04:31:36 PM EST

[ Parent ]
We're on the same page MedfordTim... (none / 0)
I just wanted to point out that is wasn't like Geithner stepped in and was like "wow, what's this TARP thing?" 

by publius on 11/24/2009 05:00:02 PM EST

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No problems (none / 0)
Just filling in blank spots.

by MedfordTim on 11/24/2009 05:09:14 PM EST

[ Parent ]

Knocking Down The Biggest Excuse For The Bailout | 6 comments (6 topical, 0 hidden)