The latest smear attack on the Obama administration is the vilification of Timothy Geitner and the bail outs of AIG and investment banks to save our economy from total collapse.
From the Huffington Post:Huffington Post
A brutal report issued in November by a government watchdog disclosed that AIG had actually been trying to negotiate better terms with the banks until - guess what? -- the New York Fed stepped in. The report held Geithner personally responsible, and led to renewed questions about his fitness for the job.
Notice how "a brutal report" by a "government watchdog" in the linked article doesn't even provide the name or association of the "government watchdog?
Way, way back in, what? 2002, Warren Buffet discussed derivatives in his company's financial report, calling them weapons of financial destruction. How can it be a surprise that our economy was poised for failure?
Warren Buffet
The derivatives genie is now well out of the bottle, and these instruments will almost certainly multiply in variety and number until some event makes their toxicity clear. Central banks and governments have so far found no effective way to control, or even monitor, the risks posed by these contracts. In my view, derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are
potentially lethal
The Republican/Conservative wish for a failed Obama administration, blaming President Obama for everything, twisting facts, and attempting to destroy the credibility of yet another of Obama's appointments, Timothy Geitner, is not helpful to any of us.
Timothy Geitner is a well qualified appointment, and should be credited for all the work he has done to stabilize our economy, as well as bring in profits to our government from the bailout. Mr. Geitner is well qualified for the position he holds.
Mr. Geitner
"Geithner was born in Brooklyn, New York City and spent most of his childhood outside the United States, including present-day Zimbabwe, Zambia, India and Thailand where he completed high school at the International School Bangkok.[2] He attended Dartmouth College, graduating with an A.B. in government and Asian studies in 1983.[3] In the process he studied Mandarin at Peking University in 1981 and at Beijing Normal University in 1982.[4] He earned an M.A. in international economics and East Asian studies from Johns Hopkins University's School of Advanced International Studies in 1985.[3][5] He has studied Chinese[3] and Japanese.[6]"
In December, Federal Reserve chairman Bernanke expressed confidence in the economy and the profits that the Federal Reserve will earn from the buy backs from bank bail outs.
Ben Bernanke
Federal Reserve chairman Ben Bernanke said Monday he's confident the Federal Reserve will make money on the trillions it has pumped into the economy since the start of 2008.
"I think we're in very good shape," Bernanke said, answering questions following a speech at the Economic Club of Washington. "I do believe we're going to get back all the money, and indeed we'll be showing for the taxpayers fairly significant extra income."
I do think the public is mixing up the bail out of Wall Street and corruption, with the still lagging economy, and the poor prospects for employment. Employment should be the focus of our attention, not smearing qualified people who are working for us in the Obama administration.