Monday, March 02, 2009

Obama's Biggest Mistake

President Obama made a huge mistake during the transition period leading up to his assuming the presidencey of the United States, and it was naming Tim Geithner as the Treasurey Secretary. Geithner just is not the right man to be head of the US Treasurey as the world slips towards a second Great Depression.

Tim Geithner just does not seem to have the creativity to deal with the economic mess that this nation is facing. He seems committed to the view that banks should never be saved by the government, and no matter what they should stay private even if they’re bankrupt, because — well because. Geithner seems incapable of envisioning a government run solution, which is okay, except he is one of the men in charge of developing the government's solution. I believe that Geithner has tunnel vision which prevents him from trying to devise a policy which assumes that the many of the assets in the banking system are “bad,” and need to be removed from the system.

My question is how long does President Obama stick with Tim Geithner as the Treasurey Secretary? Can Geithner turn it around at Treasurey? How long can we wait to find out?

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