Geithner The Incompetent
Via Atrios, Mike Konczal writes a good piece on the failures of the Obama Administration's economic team. The link to this February 2011 Pro Publica piece reminds us how Geithner failed on the homeowner crisis:
Congressional Democrats [. . .] thought cramdowns would serve as a stick, pushing banks to make modifications on their own. [. . .] Privately, administration officials were ambivalent about the idea. At a Democratic caucus meeting weeks before the House voted on a bill that included cramdown, Treasury Secretary Tim Geithner “was really dismissive as to the utility of it,” said Rep. Lofgren. Larry Summers, then the president’s chief economic adviser, also expressed doubts in private meetings, she said. “He was not supportive of this.”
Fast forward to today's mess. Konczal writes:
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