Wednesday, 22 April 2009

Tim Geithner's problem

Does Tim Geithner lack confidence? Yes, probably - but does it matter?
Secretary Paulson had lots of confidence - anyone who could ask the US Congress for $700 billion with a piece of paper than only ran to a few paragraphs certainly had tons of it as well of lots of something else as well.

Problem with Geithner is that he cannot imagine a world in which the opinions of those running Goldman Sachs and JP Morgan Chase are not sacrosanct and beyond dispute. He was stamped out from the template of the perfect financial technocrat and as such, from their perspective, he is a safe pair of hands.

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