Geitner’s testimony at the Joint Economic Committee last week showed that he had learned the overly repeated Obama excuse foe everything, but not much else. Under pressure and amid suggestions that he resign, Tim lost his cool and shot back at Rep. Kevin Brady, ” you gave this president an economy falling off the cliff.”
Kevin Hassett analyses Geithner’s Congressional song and dance in a hard hitting November 23 rd post for the American Enterprise Institute. In it he correctly points out that Geithner was in charge of the NY Fed for five years leading up to the financial crisis. He was the top Fed cop patrolling Wall Street. Was he worried that the Greenspan-Frank-GSE subprime bubble was getting out of control in Wall Street hands? Here’s what Taxpayer Tim said in 2007: “The larger global financial institutions are generally stronger in terms of capital relative to risk. Technology and innovation in financial instruments have made it easier for institutions to manage risk.” Yeah, right!
Now as the nation’s chief financial officer, Tim has stood by and watched while Obama and Congress have piled on Billions in phony stimuli and bailouts. We still have Obamacare and cap and trade to come, all while Tim stays mum. As a result of his “watch” our children and grandchildren will face continuing debilitating deficits and a gigantic unsustainable mountain of debt, along with a falling dollar. As Hassett says, “Geithner used to be asleep at the wheel in New York. Now he is asleep at the wheel in Washington.” Are calls for his resignation perhaps justified?