Is Geithner losing it? Mark Calabria at Cato notes:
As reported in yesterday’s Wall Street Journal, Treasury Secretary Tim Geithner called fellow bank regulators, included Fed Chair Ben Bernanke and FDIC Chair Sheila Bair, over for an obscenity-laced rant about their audacity in raising questions about his scheme to fix our financial system.
Reportedly the Secretary told regulators that “enough is enough” and that they’ve been heard, so the time for debate is over. This sounds eerily like the President’s previous comments about including Republicans in the talks over the stimulus – you’ve been heard, so you were “included,” now shut up. The shouting down of debate is becoming all too much a signature of this Administration.
The Secretary apparently also told the regulators in attendance that it was the administration and the Congress that sets policy. Perhaps next he’ll tell us that the power of the purse lies with the Treasury and the Congress. Secretary Geithner has no more constitutional authority to set policy than do any of the bank regulators. It is the job of Congress to make laws, not the Treasury Secretary’s. He can offer his opinion, just as they can, and should, offer theirs.
Of course, Secretary Geithner’s frustrations are understandable, given that his regulatory proposals have hit a brick-wall with both Congress and the Public. He has made no effort to explain to either Congress or the public how exactly his plan will stop future bailouts. Instead, any reasonable read of his proposal would lead to the conclusion that we will have more bailouts, rather than less, under the Obama-Geithner plan. Instead of directing his energies at anger, he should put them toward coming up with solutions that actually increase the stability of our financial system.
We were all told during his confirmation process that we must overlook such facts as his failure to pay taxes, because Tim Geithner was the “boy-wonder” who would save our financial system. As his recent out-bursts demonstrate, “boy-wonder” is only half-right.
Many in the administration and in our congressional “leadership” seem pretty testy and angry lately. Knowing the scence and observing events the agner expressed by Timmy, Pelosi, Reid and even Obama can best be characterized as narscissitic rage. They are not mad due to violation of some principle, concern for others or observing some injustice. They are merely upset that some people have the gall not to listen to what they are telling us to do and morevover–have the gall to disagree! As Lash said we were a evolving culture of narcissim back in the 70’s and we have hit our stride–think the election of clinton and MTV marked the complete makeover of U.S. society run by naricissists. Notice the tin ear of an Obama, Hillary, and the rest–the mark of the narcissist. No good will come of this….
I looked at Geithner’s resume when he was nominated and was less than impressed. It’s still up at the NY Fed site here: http://www.ny.frb.org/aboutthefed/orgchart/geithner.html.
It left me wondering if the guy has ever taken a finance class.
Well – he has the main thing – he’s connected to the NY Fed Reserve and to Robert Rubin..
that’s all the background he needs