Shaking the Foundations and Blaming Bad Bankers – Tim Geithner Opens Up
Who saw Tim Geithner on PBS News hour last night? If you didn’t….watch it. If you tuned into PBS newshour on Wednesday night, February 25, 2009 the opening interview was with Secretary of the Treasury Tim Geitner. I’m glad they put it online.
If you missed it, take a look below. http://www.pbs.org/newshour/bb/business/jan-june09/_02-25.html In my opinion the piece reinforced that the global economic problem is bigger then he ever imagined and used the term “we’re going to throw everything we can at this problem”, so many times, that it began to scare me. If you read the book “Return to Depression Economics and the Crisis of 2008” by Economist and Princeton professor Paul Krugman, you’ll gain insight into how Geithner and Fed Chairman Bernanke are addressing the meltdown with their four pronged approach.
If I understood it correctly, the approach looks like you throw as much money as humanly possible out there, stablize, and then pull back with fiscal responsibility. What are your thoughts?