Comments on: Geithner OMG

By: yg

yg — Tue, 10 Mar 2009 18:57:54 +0000

just finished reading the business mirror column, thanks. didn’t know that geithner had, early on, warned about the dangers of credit default swaps.
one thing though, in pbs frontline special on the market meltdown, they explained the feds failure to bailout lehman, when they bailed out bear stearns previously, was because conservative hank paulson cleaved to ideology and failed to rescue lehman out concern for “moral hazard.” he didn’t want other firms to think they could depend on the government to bail them out. they also hinted at paulson’s previous rivalry with lehman’s ceo fuld (back when paulson was ceo of goldman sachs) as another reason paulson failed to act.

By: Victoria Trostle

Victoria Trostle — Mon, 09 Mar 2009 22:07:10 +0000

After reading the comments here, I spent a day or so periodically putting my hands to my head to feel what it meant to me. Usually, it worked as a centering device, to quiet an over-active mind, to shut out all noise. As if trying to transcend the purely mental, to tap the more brilliant intuitive mind. Searching for the needed a-ha.
During the same period, I heard multiple media comments by various financial experts insisting that “no one knows” (the depths of the dilemma) and “it’s anyone’s guess” what it will take to turn the tide. Which suggests the phrase “in over their heads.” Interesting: What got us here – “in over their heads” + “out of their minds” – continues as we search for the cure.
Today’s New York Times (3/9) has two interesting follow-up pics to this post. On the front of the Business section, we have Geithner, the serious hard worker, at his desk, with those former Dead White Men Treasury Secretary images floating as somewhat ghost-like reflections in the glass. (Are our golden successes in the past?) Follow the story to the inside pages and there is Geithner about to testify before Congress, in a down angle, once again looking small, diminished. This has been a pattern with Geithner: never playing as well in the public settings.
Which brings me to what Eli Wiesel said about losing a fortune to Madoff, “We trusted him with everything, we thought he was God.” – Perhaps it is just right that Geithner doesn’t come across (or appear for the camera) as such a Potent Force. Part of what we seem to be learning here is not to believe in men as gods, masters of the universe, etc. The illusions of hierarchy are dying. A time for going down (grounding, democratic empowerment), not up (bubbles, surrendering to power-over).

By: cenoxo

cenoxo — Sat, 07 Mar 2009 15:49:46 +0000

Looks like the window is the only way out…

…will all the taxpayers’ money that’s been thrown out first soften the landing?

President Barack Obama offered his domestic-policy proposals as a “break from a troubled past.” But the economic outlook now is more troubled than it was even in January, despite Obama’s bold rhetoric and commitment of more trillions of dollars.
And while his personal popularity remains high, some economists and lawmakers are beginning to question whether Obama’s agenda of increased government activism is helping, or hurting, by sowing uncertainty among businesses, investors and consumers that could prolong the recession.
Although the administration likes to say it “inherited” the recession and trillion-dollar deficits, the economic wreckage has worsened on Obama’s still-young watch.
Every day, the economy is becoming more and more an Obama economy.

One old rule for those looking to become political leaders is to “Find a crowd that’s going somewhere and get in front of it.”
The trick is knowing when to step aside.

By: yg

yg — Sat, 07 Mar 2009 10:15:49 +0000

obama must know something about him not apparent to others. i don’t know if geithner is one but geniuses aren’t known for their social graces. let geithner formulate but perhaps have goolsbee sell the thing. he’s does an amazing job breaking down complex concepts and making them plain and rebutting republican counter arguments. i’m starting to think volcker is being held in reserve as the “nuclear option”; a fail safe to break out of glass in case all else fails.
one thing that does worry me is when it comes time to reform the tax code. geithner’s issues won’t make it insurmountable, but it will make the hill harder to climb.

By: Thirdeye Pushpin

Thirdeye Pushpin — Fri, 06 Mar 2009 15:49:24 +0000

of subtle significance I find that his relection in the desk is hidden by the papers and shows his hand held head…where am I? Who am I? Can anyone here help me? His personal distress echoes the financial crisis collectively. The Photo does not inspire confidence.

By: lytom

lytom — Thu, 05 Mar 2009 23:14:05 +0000

Office place with no room to move about. The limited access to window. The door that opens into the room and makes it hard for others to come in or to leave…Lack of maneuvering. Well all that could ascribe to the “plan.”

By: rapier

rapier — Thu, 05 Mar 2009 17:28:19 +0000

Situation hopeless. It is a surprise he was offered the job, a shock that he took it. Both were mistakes. The picture is yet to be taken which shows that. That will be the one where he is shown leaving the Treasury for the last time. The Treasury ruined.

By: Gasho

Gasho — Thu, 05 Mar 2009 16:18:04 +0000

OOPS. Sorry. That link is FUBAR. Can we edit entries? My bad.

By: Gasho

Gasho — Thu, 05 Mar 2009 16:16:35 +0000

While these shots alone convey some kind of dread, the whole series shows people at work on the problem. In fact, these first two shots (this one and the one the Bag links to — the second shot in the series) create a miniature plot to the 10 photos. The first shot shows the Problem. The second shows TG calling in the support – with an almost comically huge desk phone and three mobile phones! – and the rest of the series is the meetings that take place after the calls.
Taking a look at the first photo in total isolation, though, it’s pretty interesting. The huge desk keeps drawing my attention. Big desk. Big Job. Shiny clean, but mostly full. The history of past officers is literally reflected in the surface – as is the current office and his woes. But the desk is strong and it’s seen some tough times before and always, there is a way forward.
It reminds me of this”>http://search2.famsf.org:8080/mygallery/view.shtml?record=119375>this carved figure from Africa, with his large hands raised to the sky representing the ancestors and the trials that they went through. This figure is supposed to remind you that no matter how bad things are, we’ve been through it before and we did ok.

By: FML

FML — Thu, 05 Mar 2009 15:02:20 +0000

The one thing that’s not part of this scene is the fact that, according to news reports, Geithner is basically being left to operate by himself, with no staff — Obama’s people have not gotten around to naming any undersecretaries or deputies for the Treasury Department as of yet. I’d be tearing my hair out and looking lost if I were in that situation too.