Friday, November 20, 2009
The legacy of Tiny Tim Geithner
Paul Krugman looks at the real result of the Wall St giveaway presided over by Tiny Tim. You know, the one where he made all the Wall St stupidity whole at 100% on the dollar.
For the A.I.G. rescue was part of a pattern: Throughout the financial crisis key officials — most notably Timothy Geithner, who was president of the New York Fed in 2008 and is now Treasury secretary — have shied away from doing anything that might rattle Wall Street. And the bitter paradox is that this play-it-safe approach has ended up undermining prospects for economic recovery. For the job of fixing the broken economy is far from done — yet finishing the job has become nearly impossible now that the public has lost faith in the government’s efforts, viewing them as little more than handouts to the people who got us into this mess.Maybe one day Tiny Tim will make my 401K whole. Fat chance, I will settle for him on the unemployment line like so many of the rest of us.
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