The Geithner Experience
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Geithner was taken to task in those hearings repeatedly by Silvers and Warren.
Timothy Geithner Ends His Rein as Treasury Secretary
Timothy Geithner is stepping down as Treasury Secretary for President Obama, and had the unfortunate and fortunate timing to end up as the Treasury Secretary during a hectic economic period in American history. This alone is a challenge enough, except in this case, the market turmoil could be partially blamed on Timothy Geithner.
Mr. Geithner was President of the New York Federal Reserve Board from 2003-2008, and was the main "regulator" of Wall Street. Since Wall Street inflated, perpetuated, profited, then burst a huge housing, derivative, and securities market; Timothy Geithner, by default, has to take some of the blame for being negligent, ignorant, or complicit with what was going on under his watch, as the President of the New York Federal Reserve.
Even before his time at the Federal Reserve, Geithner worked in the Treasury Department from 1988-2002, being mentor by such Keynesian all-stars like Robert Rubin and Lawrence Summers. During his time at Treasury, Geithner and his cohorts led numerous efforts to deregulate financial markets, while increasing government incentives that added moral hazard in our financial and housing markets.
One could argue Timothy Geithner merely did the best job he could, in a system controlled by high finance, rigged to support deceitfulness, and perhaps he was doing all he could to "save" our economy, as President Obama likes to put it. But in all the government hearings on the financial collapse, the TARP Oversight committees, and the Congressional Oversight Panel committees lead by Elizabeth Warren, Timothy Geithner usually acted like a complete arse.
Timothy was often snarky, condescending, above-it-all, and too damn smart for his own good, or at least he thought so. Geithner was taken to task in those hearings repeatedly by two of our nation's brightest minds, Damon Silvers, and Elizabeth Warren (pre-candidate Warren). Combined with the in-depth investigation into TARP by special investigator Neil Barofsky, lead me to believe Geithner incompetent, deceitful, and heavily swayed to fixing Wall Street not Main Street, and tethered to our Federal Reserve without any real independent power.
Instead of remembering Timothy Geithner's service as Treasury Secretary, I'll choose to remember those three great minds (Silvers, Warren, Barofsky) and what they did to reveal what many of us already believed to be true about our Federal Reserve, Treasury Department, regulatory institutions, financial markets, and Wall Street - they are in control, above the law, and can openly screw the masses, without fear of reprisal
Claude Morton, Column Editor: Claude Morton is an independent contributor, who mostly writes articles on politics, Veganism, philosophy, or local events. Claude has contributed to a variety of print and online outlets including Yahoo!, MovieMaker Magazine, and the Ann Arbor News. From Claude; I’m in the 1%, no, not that 1%. I’m a vegan, indie filmmaker, libertarian socialist, and a pacifist. I champion freedom as much as equality, and love discussing solutions about our country’s biggest dilemmas. ... (more...)