Timothy Geithner on Budget & Economy

Secretary of Treasury-Designee

OpEd: Funneled no-strings money to banks too-big-to-fail

Obama's senior economic advisers are convinced we live in a Wall Street-centric universe to rationalize their approach to dealing with Wall Street. It's no surprise that people such as Tim Geithner and Larry Summers believe in bank centrism--they're both creatures of it. And in a bank-centric universe, funneling no-strings-attached money to too-big-to-fail banks is the logical thing to do.

The longer this remains the dominant cosmology in the Obama administration--and the longer it takes to switch to a plan that reflects a cosmology on which the American people are the center of the universe and are deemed "too big to fail"--the greater the risk that the economic crisis will be more prolonged than necessary. And the greater is suffering. There is an enormous human cost to this dogma.

Source: Third World America, by Arianna Huffington, p.152 , Sep 2, 2010

OpEd: Took no action on exotic financial instruments

Obama appointed for treasury secretary Timothy Geithner. As the economic crisis began to hit, Geithner hinted that he would use the enormous leverage he had as president of the New York Fed to impose some controls on exotic financial instruments, but "there is no evidence that there has been much action."
Source: Hopes and Prospects, by Noam Chomsky, p.220-221 , Jun 1, 2010

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Page last updated: Dec 15, 2011