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View Diary: Simon Johnson and the Libertarian Critique of Geithner (25 comments)

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  •  you misunderstand my point (1+ / 0-)
    Recommended by:
    FG

    There is certainly room for a critique of Geithner's policies "from the left" in particular. I don't think Johnson has done so. And I think that the auto rescue is enormously important and ignoring it is also important.

    As for your critique: I am waiting for someone to suggest actual additional concrete steps that could have been taken on the homeowner relief. It appears to me to be an unsoluble mess.  Let me note the problem:
    1) people had purchased prices during an unsustainable price bubble
    2) high housing prices are not an economic good
    3) the process of securitizing debt created a legal tangle that was impossible to navigate
    4) the GOP successfully blocked appointment of managers to the housing agencies.
    5) bailing people out from unwise housing purchases was not popular.
    6) what about renters?

    favorite band: twisted gloating

    by citizen k on Mon Jan 21, 2013 at 11:48:54 AM PST

    [ Parent ]

    •  Many suggestions were made (1+ / 0-)
      Recommended by:
      enhydra lutris

      including by me.

      As for the auto rescue, I rated it among the top 3 achievements of the Obama Administration.

      I doubt Geithner made that call.

      •  i must have missed your suggestions (0+ / 0-)

        but a link would be fine

         Geithner had nothing to do with the largest chunk of TARP spending, but personally supervised the operation of HARP. Uh huh.

        favorite band: twisted gloating

        by citizen k on Mon Jan 21, 2013 at 12:15:38 PM PST

        [ Parent ]

        •  Your posts are so... (0+ / 0-)

          ...chock-full of misinformation and Wall Street propaganda revisionist history, they're getting to the point where they're really quite sad and/or funny, depending upon one's sentiments when they read them.

          I'm finding them quite funny, at this point!

          This is one of many of my favorite lines (there are so many of them in this post, it's not even worth putting forth a lengthy comment) from this post...

          The S&L bailout cost the public a lot more than the bailout for the much larger 2007 panic...
          Maybe on Mars this was the case...but not on planet Earth.

          Please, please, please...tell us another bedtime fable story...I especially like the one about how the bailout of AIG was profitable..."...and the one percent lived happily ever after." And, you tell it so much better than that "professional lefty," Elizabeth Warren.

          "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

          by bobswern on Mon Jan 21, 2013 at 02:58:06 PM PST

          [ Parent ]

          •  bob you have a track record of unmatched error (0+ / 0-)

            Your constant echoing of Yves claims that Maiden Lane holdings were worthless is the most glaring example - and now that the Fed has cleared them all AT A PROFIT you stubbornly refuse to admit error.

            As for S&L
            http://www.fdic.gov/...

            Much smaller:

            "043 thrifts with total assets of over
            $500 billion failed."

            "As of December 31, 1999, the thrift crisis had
            cost taxpayers approximately $124 billion"

            Which is less than the TARP loss certified by your hero Barofsky. Since the Fed itself has profited from its bailout purchases the arithmetic is easy.

            If you run the inflation adjustment, that $124billion turns into $164billion which is even worse.

            In order to avoid admitting error, you have to play 3card monte with the numbers and yell about all sorts of stuff that is inapplicable or meaningless. However, the numbers are clear and you have no actual case.

            favorite band: twisted gloating

            by citizen k on Mon Jan 21, 2013 at 03:57:06 PM PST

            [ Parent ]

      •  Congresswoman Carolyn Maloney (0+ / 0-)

        thinks it was his call.

        Wednesday, 3/21, Secretary Geithner testified with Fed Chair Bernanke before the House Committee on Oversight and Government Reform on "Europe's Sovereign Debt Crisis: Causes, Consequences for the U.S. and Lessons Learned."

        Congresswoman Carolyn Maloney, New York-14:

        ...Secretary Geither, as a former resident of NY, and I think I speak for all New Yorkers when we say we are so proud of you and your service ... I'd like to follow up on my good friend's questioning.
        There is a consensus in this country that if we had not invested - he uses the term bailout - but if we had not invested in the American auto industry, we would have totally lost it, lost it.

        I don't know about my colleagues on the other side of the aisle, but it's hard for me to imagine an America that doesn't make its own cars. I would prefer to see more things made in America, with American jobs, and it was at a hearing at this committee, where GM testified that they are the leading car producer in the world, that they're employing 1.3 million Americans and that they are now exporting the Volt.

        I would call that an American success story. I'd call that American dream.

        If it is true that you are the architect of this program ... We should be carrying him around on our shoulders, and thanking him for saving American jobs, building American exports, building up the economy of our country, so I would like to say, Thank you. Secretary. Geithner.

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